Court held that ;Assessing Officer is bound by decision of Tribunal. Pendency of an appeal would not amount to an order of stay. Even assuming appeals have been presented as long as orders passed by the Income -tax Appellate Tribunal has not been stayed or set aside it is binding upon the Assessing Officer. Referred , UOI v. Kamalakshi Finance Corporation Ltd ( 1982) AIR 1992 SC 711 ( Para 9)
LIC Employees Co-Operative Bank Ltd. v. ACIT (2018) 408 ITR 287/ 254 Taxman 119 (Mad) (HC)
Interpretation – Binding precedent -Appellate Tribunal- Assessing Officer is bound by decision of Tribunal- Pendency of an appeal would not amount to an order of stay .[ S.254(1) ]