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TMI Blog2015 (5) TMI 360X X X X Extracts X X X X X X X X Extracts X X X X ..... seeking for stay of the said orders. The First Appellate Authority without hearing the petitioner rejected the said application, which is contrary to law. The order passed by the First Appellate Authority is not a speaking order. Hence, I feel that the First Appellate Authority has to reconsider the matter afresh and pass appropriate orders on the application filed by the petitioner for grant of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23-12-2014 under Section 154 of the Income Tax Act, 1961 and he preferred an appeal before the Commissioner of Income Tax (Appeals) (hereinafter referred to as 'the First Appellate Authority'). The petitioner also filed an application seeking for stay of collection of tax demanded on the basis of the assessment order or the rectification order to an extent of ₹ 60,47,53,790/-. Howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... granted an interim order of stay of collection of tax demanded for the assessment year 2011-12. Before communication of the said order, the respondent had collected a sum of ₹ 2,44,46,740/- and also collected a Demand Draft for a sum of ₹ 1,89,32,484/-. The said Demand Draft is yet to be encashed. 3. It is the contention of the petitioner that attachment of bank accounts and encash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law. The order passed by the First Appellate Authority is not a speaking order. Hence, I feel that the First Appellate Authority has to reconsider the matter afresh and pass appropriate orders on the application filed by the petitioner for grant of stay of collection of the tax demanded. Hence, it is appropriate to direct the First Appellate Authority to reconsider the matter afresh and pass orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -03-2015, attachment of bank accounts will have to be withdrawn by the respondents. The First Appellate Authority is directed to dispose of the stay application within a period of 30 days and the main appeal within three months from the date of receipt of a copy of this order. The respondents are directed not to take any coercive steps till the stay application is considered. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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