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 o...
PRESENT:
SYED KABIRUL HASAN, JUDICIAL MEMBER ABDUL GHAFOOR, JUNEJO, ACCOUNTANT MEMBER
Petitioner(s) by: Abdul Tahir, I.T.P..
Respondent(s) by: absent.
Law: Wealth Tax Act, (XV of 1963)
Sections: 24
Disclaimer / Note: We have reproduced the judgment for facilitation of readers; however, the readers must study the original or certified copy of the above said judgment before referring it in any Court of Law. The judgment as reproduced above is a reported judgment available in law magazines and journals namely: 2002 PTD 2148