1990 (8) TMI 202

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....mount outstanding has been shown at Rs. 2,42,487 and in a similar situation, it is submitted that the entire demand was disputed seriously and the assessee had no liquid fund for payment. Similarly, it is submitted that land and properties may be pledged as security, if required. 2. We have heard both the sides and we have gone through the orders of the authorities below for our consideration. It is vehemently urged on behalf of the assessee that the Appellate Tribunal has disposed of the connected appeals for the above two years and being dissatisfied with the decision of the Appellate Tribunal, on certain questions, which the assessee considered to be questions of law, reference applications under section 256(1) have already been made ....

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....ference point also at the same time. Vide our separate order, we have disposed of Reference Applications on the reasonings and basis recorded therein and reference applications were not accepted. In this connection, it may be helpful to refer to the decision of the Hon'ble Supreme Court in the case of ITO v. M.K. Mohammed Kunhi [1969] 71 ITR 815, in which on the facts of that case, it was observed that section 254, which confers on the Appellate Tribunal powers of the widest amplitude in dealing with appeals before it, grants by implication the power of doing all such acts, or employing such means, are as essentially necessary to its execution. The statutory power carried with it the duty in proper cases to make such orders for staying reco....

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....ntinue to have the appellate jurisdiction on the matter of realisation etc., pending reference before the Hon'ble High Court or before the Hon'ble Supreme Court until the same is disposed of. Thus, in our opinion, the assessee was justified in filing the stay petition for stay of the recovery of the demands, which according to the assessee, were disputed and the matter has been taken up by the assessee under section 256(1) for reference on certain questions, which according to the assessee, are questions of law. Thus, if reference on any question of law is referred under section or even under section 256(2) of the Income-tax Act, 1961, the Appellate Tribunal would still continue to have the inherent jurisdiction and statutory powers to gran....