2002 PTD 2148

M. As. (Stay) Nos. 165/KB to 168/KB of 2002, decided on 11th April, 2002. Versus M. As. (Stay) Nos. 165/KB to 168/KB of 2002, decided on 11th April, 2002.

Citation2002 PTD 2148

CourtIncome Tax Appellate Tribunal

ORDER

SYED KABIRUL HASAN (JUDICIAL MEMBER).‑‑‑ In these four wealth tax appeals, the assessee has filed these applications for stay of demand.

2. Mr. Abdul Tahir, learned A.R. of the applicant/assessee, has submitted that the assessee is the owner of a Tanker and Toyota Car. The Tanker purchased was of 1973 Model and its value has become nil in 1997 considering the depreciation of 15 years. As regards Toyota car, he was submitted that it was purchased in 1991 and was sold out in the same year, therefore, it was liable to wealth tax.

3. We have heard Mr. Abdul Tahir, learned A.R. of the applicant/assessee and also perused the relevant record. .

4. We have considered the argument of learned A.R. and on pointation that the assessee has agreed to pay 15% of the total demand for grant of stay for the relevant assessment years, we grant stay of demand on the payment of 15% of the total demand. The proof of payment should be shown to the Registrar. The stay will operate from the payment till the date of hearing which is fixed on 22‑5‑2002.

C.M.A./M.A.K./311/Tax(Trib.) Stay granted.