Commissioner of Income Tax vs Ronuk Industries Ltd.

The question of law framed by the Revenue in this appeal reads as under:

Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that the case of the Assessee is fit case for stay of outstanding demand beyond the period of 365 days as per the provisions of Section 254(2A) by ignoring the mandatory amendment in the third proviso to Section 254(2A) made by the Finance Act, 2008, w.e.f. 1st Oct., 2008 providing that the order of stay granted shall vacate after the expiry of 365 days even if the delay in disposing of the appeal is not attributable to the Assessee ?

A perusal of the order shows that the Tribunal has allowed the claim of the Assessee by following the decision of this Court in the case of Narang Overseas (P) Ltd. Vs. Income Tax Appellate Tribunal and Others, . No fault can be found with the order of the Tribunal in following the binding decision of this Court. The appeal is dismissed with no order as to costs. accordance with law, after giving an opportunity of hearing to the Petitioner, within a period of three months from the date of receipt of a copy of this order. Rule is made absolute accordingly with no order as to costs.