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TMI Blog2000 (7) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... thorised representative of assessee-applicant has contended that there is no provision for charging of Court fees in respect of stay petition filed under WT Act or GT Act. He has contended that, in fact, there is no provision for filing of stay applications and similarly there is no provision for payment of Court fees in respect of stay applications under the aforesaid two Acts although there are specific provisions for the charging of Court fees in respect of appeals filed under both the Acts which are contained in s. 24(4) of the WT Act as also in s. 23(4) of the GT Act. He has contended that under the IT Act, there is a specific express provision for charging of Court fees in respect of stay applications under the IT Act, 1961, which is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, no separate stay applications need to be filed. 5. As against the above, the learned Departmental Representative of Revenue has contended that when there is no provision for filing of stay application under the WT Act, no stay application should accordingly lie. He has contended that in case on the analogy of stay application provided under IT Act, 1961, if the stay applications are entertained by the Tribunal under WT Act then Court fees will have to be paid by the assessee on such stay applications. He has also contended that a separate stay application needs to be filed in respect of each WT appeal filed in respect of each assessment year and that filing of one stay application in respect of several WT appeals embracing a number of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of one consolidated stay application in respect of several appeals for several years under WT Act, we are of the view that normally there should be filed a separate stay application in respect of each appeal for each assessment year under the WT Act. Provision of r. 35A(1)(b) of IT Rules, 1963, should be interpreted to mean various stay applications for one assessment year that is, rule requires that if for one assessment year applications are filed for stay of recovery of demands under different enactments and that the said provision does not expressly provide, nor does the same imply that only one application should be filed for stay of recovery of demands under one Act in respect of number of assessment years. However, in exceptional c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that the Tribunal has upheld the assessee s declared valuation and the Tribunal has cancelled CIT s revisional order passed under s. 25(2) vide its order, dt. 28th April, 2000, in WTA No. 234/Jp/92, a copy of which has been furnished on record. The learned Departmental Representative of Revenue has submitted that in view of the above situation no stay order for asst. yr. 1986-87 is required to be passed. 9. As regards stay for asst. yrs. 1987-88 to 1992-93 the learned authorised representative of assessee has contended that the outstanding demand is mainly due to huge additions made in the valuation of two assets namely, City Palace, also known as Raj Mandir and forest land compensation. He has contended that the self-occupied portio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the above the Revenue has taken the value of City Palace at more than Rs. 60 lakhs and the value of forest compensation at Rs. 3 lakhs as against nil returned by assessee. As such, the value of both the above assets have been assessed at more than twice the returned value. From perusal of record it is revealed that assessed wealth is twice or more of returned wealth. In the case of Late His Highness Raja Maharana Shri Bhagwat Singhji of Mewar vs. ITAT (1997) 223 ITR 192 (Raj) the Hon ble Rajasthan High Court has held that where the assessment is made at twice the returned income or more, the entire demand should be stayed. As such, respectfully following the above decision of the Hon ble jurisdictional High Court, and proceeding an analog ..... X X X X Extracts X X X X X X X X Extracts X X X X
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