2012 (7) TMI 153

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....p; For Respondent:- SRI.JOSE JOSEPH, SC, FOR INCOME TAX   P.R. RAMACHANDRA MENON, J.   JUDGMENT   The assessment finalized by the first respondent under Section 143(3) of the Income Tax Act in the different assessment years 2005-06 to 2007-08 as borne by Ext.P1 series assessment orders are already under challenge in Ext.P2 series appeals preferred before the second respo....

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....arly Rs. 35 lakhs and is now before this Court, challenging the condition imposed by the appellate authority to avail the benefit of interim stay, contending that the same is onerous and rather impossible to be performed. The respondents have filed a statement through their Standing Counsel seeking to sustain the condition imposed upon the petitioner. Reference is also made to the Circular issued ....

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.... considering the entire materials on record, in the course of finalization of the appeals. Because of the heavy backlog, it is not possible for the appellate authority to have it finalized immediately as sought for by the petitioner and the petitioner has to wait in the queue.   4. After hearing both the sides, this Court finds that the main dispute is in respect of the disallowance made u....

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.... financial stringency. This requirement does not appear to be as a "guideline" or relevant norm to be followed, as given in the 1993 Circular, crux of which has been extracted by the respondents in paragraph '3' of their statement. The applicability of the said Circular has been considered again even in the year 2009 and the position has been clarified vide Ext.P8, Board's letter dated 1.12.2009. ....