Assessee-company was a 100 per cent State Government owned company and filed loss in its return.  Assessing Officer passed assessment order under section 144 and raised demand under section 156 of the Act.  Assessee filed an application for stay of demand.  Assessing Officer rejected said application on ground that assessee failed to pay 20 per cent of disputed demand. On writ the Court held that  since Assessing Officer failed to disclose reasons while rejecting stay application and Commissioner (Appeals) also failed to consider stay application considering financial hardships, assessee was directed to deposit 10 per cent of disputed demand. Matter remanded.  (AY. 2017-18)