* 1 * W.P. 3407.2011 23.6.2011 IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 3407 OF 2011 Hybrid Financial Services Ltd .... Petitioner V/S. Union of India & Ors. ... Respondents * * * * Mr. Nitesh Joshi, Advocate for the petitioner. Mr. Suresh Kumar, Advocate for the respondents. CORAM :- J.P. DEVADHAR, & SMT. R.P. SONDURBALDOTA, JJ. 23rd June, 2011. P.C. :- 1. Rule. Rule made returnable forthwith. 2. The petitioner is aggrieved by the order dated 1st April, 2011 passed by the ITAT on the stay application filed by the petitioneer seeking stay of demand raised for Assessment Years 1993-94 to Assessment Years 1995-96. By the said order, the stay has been granted subject to the petitioner depositing 25% of the demands raised for the aforesaid years. 3. Admittedly, the ITAT had initially granted unconditional stay of demand up to the period specified therein. As the appeals could not be * 2 * W.P. 3407.2011 23.6.2011 disposed off within the stipulated time, the stay of demand granted by the ITAT came to an end. On expiry of the stay, the petitioner filed fresh application seeking stay of the demand till the disposal of the appeals. By the impugned order, the ITAT has granted stay subject to the conditions set out hereinabove. 4. Admittedly, the delay in the disposal of the appeals is not attributable to the petitioner. It is the Tribunal which has not disposed off the appeal on the ground that similar appeals are pending before the Special Bench. In our opinion, the Tribunal was not justified in adjourning the matter from time to time as it has caused serious prejudice to the assessee. 5. In these circumstances, Counsel for the revenue, on instructions, states that till the disposal of the appeals by the ITAT, the demands raised for the assessment years in question, would not be enforced. The statement is accepted. The ITAT is directed to dispose off the appeal pending before it for Assessment Years 1993-94 to 1995-96, as expeditiously as possible. Accordingly, the impugned order dated 1st April, 2011 is set aside and the unconditional stay granted by the Tribunal earlier, is continued till the disposal of the appeals. Rule is made absolute in the above terms. No order as to costs. [SMT. R.P. SONDURBALDOTA, J] [J.P. DEVADHAR, J]