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EGBERT SINGH, O. P. JAIN
FAIRDEAL INVESTMENTS – Appellant
Versus
INCOME TAX ofFICER – Respondent
ORDER
O.P. JAIN, (JM) - This petition for stay by the assessee raises an important point of law, viz., whether the Tribunal has the power and jurisdiction to stay the recovery proceedings till the disposal of the assessee's Reference Application by the Hon'ble High Court.
2. Referring to the provisions contained in ss. 254(4), 256 and 260(1) of the IT Act, 1961 (the 'Act' for short), Shri Prakash Narain, appearing on behalf of the assessee has contended that on a reference being made to the High Court, the finality of the Tribunal's order is disturbed, and after the question referred to the High Court is answered by the High Court, the Tribunal takes up the appeal and disposes it conformably with the answer returned by the High Court. According to him, on a reference being made to the High Court, the appeal before the Tribunal is kept pending. He has further submitted that during the pendency of appeal, the Appellate Authority has the power and jurisdiction to grant stay of the recovery proceedings. In that connection, he has referred to the case of ITO vs. M.K. Mohammed Kunhi (1969) 71 ITR 815 wherein the Hon'ble Supreme Court has held that s. 254 of the Act which confers on the Tri
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