1986 (6) TMI 76

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....is often made by the assessee for stay of demand but this is in respect of stay sought for against the ITO who has been directed to withdraw the investment allowance amount of Rs. 7,74,186 by an order of the Commissioner under section 263 of the Income-tax Act, 1961, which was allowed by him in the original assessment. 2. The learned counsel for the assessee Mr. D.K. Gupta submitted that perusa....

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....dly any scope for stay and he expressed his own doubts regarding powers of the Tribunal for stay of such proceedings. 3. After perusal of record thoroughly and going through the petition as also the orders of the ITO and the Commissioner, we find that the Commissioner has directed the ITO to withdraw the amount of Rs. 7,74,186 allowed as investment allowance and recompute the income accordingly....