Assessee-company had made interest payments to China Development Bank, which as per it was a bank wholly owned by Government of China. The assessee  did not deduct tax at source on such interest in view of article 11(3) of India-China DTAA.  Assessing Officer  raised the demand  under section 201(1)/201(1A)  upon assessee on failure to deduct TDS. He  rejected assessee’s application for stay of demand on ground that as per CBDT OM No. F No. 404/72/92/-ITCC, dated 29-2-2016, he could not grant stay until 20 per cent of disputed demand was paid. Commissioner (Appeals) dismissed  the  application of assessee. On writ the  court held that since assessee had not suffered any operational losses and plea of hardship as raised was not made out, order of Commissioner (Appeals) dismissing the  application and upholding direction of Assessing Officer directing assessee to deposit 20 per cent of total demand  was up held.  (AY. 2016-17)