Petitioner filed petition, seeking interim stay of the recovery proceedings initiated by the Assistant Commissioner pursuant to an order passed by the Tribunal affirming the orders of the Commissioner (Appeals) and the Assessing Officer and consequential notices issued under section 226(3) of the Income-tax Act, 1961 for the assessment year 2017-18 :

The court, held that  on the facts and circumstances and having regard to the submissions made by the assessee and the Department, in the interest of both the parties, granted interim stay on conditions that (i) the assessee was to make a payment of Rs. 1,500 crores in cash or give a letter to the bank to remit Rs.1,500 crores to the Department from the fixed deposits available, and furnish property security for the balance tax with interest and penalty within the time stipulated in the order, (ii) on such payment and deposit of title deeds pertaining to the property, the Department was to release the lien on the remaining fixed deposits of the assessee in the bank, and (iii) in the event of default on the part of the assessee in complying with these conditions, the interim stay order would stand vacated automatically, without any further reference to the court and it would be open to the Department to recover the tax dues from the assessee in accordance with law. The questions raised herein would be considered at the time of final hearing of the appeal.(AY.2017-18)