Shanti Prime Publication Pvt. Ltd.
Sec. 254(1) & 254(2A) of Income-tax Act, 1961— Appeal - The assessee applicant seeks a stay on collection/recovery of the amount of tax and interest etc, aggregating in respect of the assessment orders under s. 143(3) r/w s. 250 of the IT Act, 1961, which are impugned in appeal before the Tribunal. After careful consideration to the rival contentions and the legal position with respect to the powers of the Tribunal to grant stay in deserving cases, and the impact of amendment to first proviso to s. 254(2A) by the Finance Act, 2020, refers the instant stay applications to the Hon'ble President of Tribunal for consideration of constitution of a larger bench and to frame the questions for the consideration by such a larger bench, under s. 255(3) of the IT Act, 1961. However, in the meantime, status quo be maintained in respect of collection of disputed impugned demands. - TATA EDUCATION & DEVELOPMENT TRUST V/s ASSTT. CIT -  206 TTJ 137 (ITAT-MUMBAI)