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Issues: Stay extension application by assessee.
Analysis: 1. The assessee filed a stay extension application seeking an extension of the stay granted by the Tribunal in a previous order. The initial stay was granted with a condition to deposit a payment of Rs. 50 lakhs, which was later extended for six months. The basis for the stay was the constitution of a Special Bench in a similar case pending for disposal. 2. The counsel for the assessee requested a further extension of the stay as the extended period had expired, and the Special Bench had fixed a hearing date for the similar case. The Departmental Representative, however, urged for the disposal of the stay application on merits. 3. After evaluating the arguments and reviewing the case details, the Tribunal found merit in the assessee's request for a six-month extension. The Tribunal noted that the earlier extension was granted due to the Special Bench's constitution in a related case, and since the hearing date had been scheduled, the stay was extended until 20th Jan., 2005, or until the appeal's disposal, whichever is earlier. The Tribunal directed the registry to schedule the assessee's case for September/October 2004. 4. Consequently, the Tribunal allowed the stay application, granting the requested extension to the assessee.
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