Can hc/sc grant stay on payment of demand ?

When an assessee fails to pay the demand amount within 30 days from the service of any order under Income Tax Act, 1961, then such an assessee will be deemed to be an assessee in default. Interest u/s 220 and penalty u/s 221 will be consequence of such default:

INTEREST U/S 220: Interest at the rate of 1% p.m simple interest will be charged on the demand amount for a period commencing on the day after the expiry of such 30 days, till the date of payment. Any part of the month will be counted as 1 month. The interest u/s 220 is in addition to interest u/s 234A, 234B, and 234C.

PENALTY U/S 221: Assessing officer can levy penalty for an amount not exceeding the demand amount.

hope you got cleared about the same.

Thanks & Regards

sourav

HC cannot grant stay of demand

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