(1) Notwithstanding anything contained in any other law for the time being in force, any person aggrieved by an order passed under section 72 may within three months from the date of such order prefer an appeal to the Tribunal.

(2) The Tribunal may, after calling for and examining the relevant record and giving the parties a reasonable opportunity of being heard,-

(a) confirm or cancel such order, or pass any other order which it may deem fit; or

(b) set aside such order with a direction to pass fresh order after such enquiry as it may direct.

(3) During the pendency of an appeal the Tribunal may, for reasons to be recorded in writing, stay the recovery of the disputed amount of tax and penalty.