No power to ITAT to grant stay beyond 365 days in light of third proviso to Sec. 254(2A) inserted by Finance Act, 2008; Courts must respect legislative mandate , which in this case, stipulates deemed vacation of stay after 365 days, irrespective of which party is at fault for delay; In case of default and delay on part of Revenue, ITAT at liberty to conclude hearing and decide appeal, on likelihood of third proviso to Sec. 254 (2A) becoming operational; Sec. 254(2A) doesnt prohibit or bar Revenue from not enforcing demand, upto Revenue officers to make statement in appropriate cases that no coercive steps would be taken to recover demand; Open to ITAT to adjourn matter at the request of Revenue; Grant of stay by ITAT not a matter of right, but decided on merits by a speaking order; Post vacation of stay, assessee can file writ petition in HC pleading for stay; Sec. 254(2A) does not prohibit/bar HC from issuing appropriate directions, including granting stay beyond 365 days : Delhi HC [MARUTI SUZUKI INDIA LTD. 2014 DEL]
Posted on: Thu, 27 Feb 2014 03:46:19 +0000
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