During pendency of appellate proceedings, assessee filed application for stay of demand. Tribunal allowed assessee’s application. High Court confirmed order passed by Tribunal. Followed Pepsi Food (P) v. ACIT (2015) 376 ITR 87 (Delhi)(HC). High Court also held that appeal of the revenue is misconceived as the appeal of the revenue and cross objection of the assessee is restored to the file of the Tribunal to decide the appeals afresh.
CIT v. MSD Pharmaceuticals (P.) Ltd. (2020) 113 taxmann.com 136 / 269 Taxman 49 (Delhi) (HC) Editorial : SLP of revenue is dismissed; CIT v. MSD Pharmaceuticals (P.) Ltd. (2020) 269 Taxman 48 (SC)
S. 254(2A) : Appellate Tribunal-Stay-Order of Tribunal granted the stay is affirmed-Appeal is held to be misconceived. [S.253, 260A]