Automatic vacation of stay granted by ITAT after expiry of 365 days is unconstitutional: SC

INCOME TAX : Third proviso to Section 254(2A), introduced by Finance Act, 2008, resulting in automatic vacation of a stay upon expiry of 365 days even if delay in disposing of appeal is not attributable to assessee, would be both arbitrary and discriminatory and, therefore, liable to be struck down as offending Article 14 of Constitution of India

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