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The Assessing Authority is directed to reconsider the stay application filed by the petitioner keeping in mind the order aforesaid setting out the guidelines of the CBDT, as well the applications under section 154 and pass orders within a period of six (6) weeks from date of first hearing.

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Sec. 220 of the Income-tax Act, 1961 - Collection and recovery of tax - The disposal of the request for stay by the petitioner leaves much to be desired. The AO ought to have taken note of the conditions precedent for the grant of stay as well as the Circulars issued by the CBDT and passed a speaking order. Since, the impugned order does not deal with the aspects of prima facie case, financial stringency and balance of convenience. Hence, the impugned order is set aside. - GANAPATHY HARIDAASS V/s ITO - [2020] 272 TAXMAN 548 (MAD)