1997 (4) TMI 69

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....WAL J.---Rule D. B. Since a short point is involved, we have heard learned counsel for the parties and now we proceed to decide the matter. Briefly the facts are these. By order dated October 31, 1996, passed under section 158BC(c) of the Income-tax Act, 1961, by the Assistant Commissioner of Income-tax, the undisclosed income of the petitioner was determined at Rs. 13,13,49,778. On November....

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....n has been dismissed by the impugned order dated April 3, 1997. The main contention of learned counsel for the petitioner is that the Tribunal has not applied its independent mind for considering and deciding the said application which has been dismissed simply on the ground that the Commissioner has already granted stay of the demand in terms of order dated March 3, 1997. A perusal of the impu....

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.... of the application of stay on merits on the ground that the Commissioner of Income-tax has already granted stay of the demand. It is not a case where the Commissioner has granted blanket stay in favour of the petitioner. The stay was subject to the petitioner depositing ten per cent. of the demand which worked out to approximately Rs. 78.8 lakhs. It seems that the contention of the petitioner bef....

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....pt in view while deciding the stay application by the appellate authority for the reason that the appellate authority has not independently decided the application and has rejected the stay petition merely on the ground of an order having been made by the Commissioner of Income-tax. In our view, the appellate authority is required to independently decide the application on its own merits. Thus it ....