Demand of stay on AO order rejecetd as no reasonable grounds are made out, HC
Dec. 11, 2015
AO made addit'n to assessee's income on account of adjustm't on ALP, disallowance of loss on sale of assets etc. Also, levied penalty u/s 271(1)(c) for furnishing inaccurate particulars of income. AO granted partial stay on demand by assessee. On writ, HC held, no reasonable grounds made out to direct respondents to grant stay in respect of entire disputed outstanding demand or to grant injunct'n from taking coercive action in recovering demand.