Bhubaneswar Stock Exchange vs Union Of India on 28 January, 2004
Mr. Das also cited the decision of a Division Bench of this court in State of Orissa v. Janamohan Das AIR 1993 Ori. 180 (Jhar), for proposition that no authority should be vested with unlimited or unfettered discretion. Mr. Das submitted that the petitioner presently has no income other than interest from the Fixed Deposits in different Banks and if the Fixed Deposits are encashed and appropriated by the Income-tax department, the petitioner will not be able to meet even its establishment expenses and the petitioner will suffer immense hardship. Mr. Das further submitted that the petitioner has not moved the Commissioner in revision because the nil assessments of the petitioner for different years have been reopened and the provisional attachment orders have been passed with the approval of the Commissioner and the revision before the Commissioner would be an exercise in futility. He further explained that although the petitioner has filed application for stay before the Commissioner (Appeals) along with the appeal, it is doubtful as to whether the Commissioner (Appeals) would have powers to grant stay. In this regard, Mr. Das submitted that there is no express provision in the Act conferring powers on the Commissioner (Appeals) to pass an order of stay with regard to a matter in appeal before him whereas section 220(6) of the Act confers powers on the assessing officer to treat the assessee as not in default when the assessee has filed an appeal against the assessment.