On Friday, the Income Tax Appellate Tribunal (ITAT) order dismissed the stay plea against the Income Tax Department proceedings of recovery and freezing of their bank accounts.
The matter is mentioned by Senior Advocate Vivek Tankha, who appeared for INC before the bench headed by of Acting Chief Justice. The Court allowed the matter to be heard today itself.
While mentioning the matter, Senior Advocate Vivek Tankha said that the country is at the peak of general elections, and how can the party fight elections, if it doesn’t have the money?
The Income Tax Appellate Tribunal (ITAT) on Friday dismissed the plea moved by the Congress Party which sought a stay against Income Tax Department proceedings of recovery and freezing of their Bank accounts and said the Stay Application is without merit
ITAT bench of GS Pannu, Vice President and Anubhav Sharma, Judicial Member on Friday passed the order and said, “We do not find that the recovery notice under Section 226(3) of the Act issued by the Assessing Officer on February 13, 2024 is lacking in bona fides, so as to require us to intervene.”
At this stage, we may also refer to the reliance placed by the Senior Counsel on various judgments of the Coordinate Benches in order to support the proposition that it was an accepted practice at the level of the Tribunal that the taxpayer is entitled to a stay on the recovery proceedings on payment of 20 per cent of the demand during the pendency of the Appeal before the Tribunal. The aforesaid argument, in our view, is too general and does not merit acceptance, the bench said.
Moreover, as we have already discussed in each application for a stay has to be decided on its own facts and circumstances, and there can be no generalized approach. The Stay Application is without merit and, it is dismissed accordingly, said the bench in order
