Cognizant Technology Solutions India (P.) Ltd. v. ITAT (2022) 442 ITR 352 / 284 Taxman 382 (Mad.)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Power to grant stay-Buy back of shares-Stay of further proceedings when appeal against the revision order is pending before the Appellate Tribunal-Revision order was stayed for twelve weeks. [S. 253(7), 254(1), Art. 226, Companies Act, 1956, S.77A]

Against the revision order the petitioner filed an appeal before the Tribunal. The petitioner also filed writ with limited prayer for revisionary order to be kept in abeyance till Tribunal could give quietus to entire matter. Revenue contended that petitioner did not file a stay petition before Tribunal and thus, could not choose to seek said limited prayer. Whether  as per section 253(7) Tribunal could stay revisional order or not, when there was no demand made by petitioner would become a matter of debate and in light of limited prayer sought was to be left open. Court held that all further proceeding pursuant to revisional order would remain stayed for a period of twelve weeks and it would be open for petitioner to move Tribunal for expeditious disposal of appeal(AY. 2014-15)