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TMI Blog2013 (10) TMI 656X X X X Extracts X X X X X X X X Extracts X X X X ..... s directed to file a stay application before the CIT (Appeals), who should hear and decide the stay application as expeditiously as possible and preferably within three months from the date of filing of the stay application. Interim Arrangement - What interim arrangement is to be made during the pendency of the application before the CIT (Appeals) – Held that:- The petitioner shall not withdraw or encash fixed deposit lying with ICICI Bank and another deposit lying with HDFC Bank - The petitioner shall also not withdraw any amount from the petitioner's account with HDFC , but it will be open to the petitioner to convert the amount lying in the saving/current account into fixed deposit - the petitioner will be at liberty operate the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Officer (Exemption)I (1), Mumbai. 3. The petitioner is a society registered under the Societies Registration Act, 1860 and as a Trust under the Bombay Public Trust Act, 1950 and also registered under section 12A of the Income Tax Act, 1961. 4. In view of the order that we propose to pass, it is not necessary to set out all the facts in detail, but suffice to state that aggrieved by the assessment order dated 28 March 2013, the petitionertrust has already filed an appeal before the Commissioner of Income Tax (Appeals) for the assessment year 201011. 5. Consequent to the impugned orders dated 4 June 2013 and 19 August 2013, the Assessing Officer i.e. Income Tax Officer (Exemptions)I1 on 5 September 2013 issued Garnishee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts writ jurisdiction. 10. We have considered the rival submissions. 11. In KEC International Ltd. (supra), Division Bench of this Court has laid down following principles to be followed while deciding application for stay under the Act: ( a) While considering the stay application, the authority concerned will at least briefly set out the case of the assessee. (b) In cases where the assessed income under the impugned order far exceeds returned income, the authority will consider whether the assessee has made out a case for unconditional stay. If not, whether looking to the questions involved in appeal, a part of the amount should be ordered to be deposited for which purpose, some short prima facie reasons could be given by the autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he fitness of things, if the petitioner is directed to file a stay application before the CIT (Appeals), who should hear and decide the stay application as expeditiously as possible and preferably within three months from the date of filing of the stay application. We also make it clear that in case the CIT (Appeals) while hearing the stay application is of the view that the appeal itself may be taken up for final disposal, it will be open to the CIT (Appeals) to adopt such a course. 13. The next question is what interim arrangement is to be made during the pendency of the application before the CIT (Appeals). 14. Having regard to the alleged tax liability of the petitioner and the amounts lying in the different bank accounts and in fix ..... X X X X Extracts X X X X X X X X Extracts X X X X
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