| Citation(s) |
|---|
| 2003 SLG 3308 2003 SLD 3308 (2003) 88 TAX 136 2003 PTD 852 |
Income Tax Appellate Tribunal, Lahore
W.T.A. Nos. 662/LB to 666/LB of 2001 (Assessment years 1997-98 to 1999-2000), decided on 27-06-2003. DATE of hearing: 11-06-2003
MUHAMMAD MUNIR QURESHI, ACCOUNTANT MEMBER AND EHSAN UR REHMAN, JUDICIAL MEMBER.
Anwar Ali Shah, D.R. and Amjad Zubair Tawana, D.C.I.T., for the Appellant. Muhammad Ali Asghar Qazi, I.T.P., for the
Respondent
W.T.A. Nos. 662/LB to 666/LB of 2001 (Assessment years 1997-98 to 1999-2000), decided on 27-06-2003. DATE of hearing: 11-06-2003
MUHAMMAD MUNIR QURESHI, ACCOUNTANT MEMBER AND EHSAN UR REHMAN, JUDICIAL MEMBER.
Anwar Ali Shah, D.R. and Amjad Zubair Tawana, D.C.I.T., for the Appellant. Muhammad Ali Asghar Qazi, I.T.P., for the
Respondent
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Law: Wealth Tax Act, (XV of 1963)
Section: 2(1)(5)(ii),16(3)
Law: Wealth Tax Rules, 1963
Section: 8(3),firstproviso
ORDER The Order was passed by Muhammad Munir Qureshi, Accountant Member. - These appeals by Revenue arise out of order passed by the CIT/WT (A), Zone-l, Lahore dared 04-01-2001. 2. The facts in these cases are that M/s Maqsood Ahmad, Farooq Ahmad and Mehmood Ahmad, family members, co-own the following properties:- Plot at Sarwar Road, Lahore Cantt. Plot at Aziz Bhatti Road, Lahore Cantt. Property at 10-Jail Road, Lahore. Property at 25-Waris Road, Lahore. 3. There is also a fourth family member, Mst. Naseem Begum, who is also co-owner in the property at Waris Road, Lahore with 1/10 share therein. The share arises to Mst. Naseem Begum from the fact that her son, Mr. Fahad Farooq being minor/co-owner in the property at Waris Road, Lahore, his share is liable to be assessed in the hands of his mother. 4. In wealth tax assessments finalized u/s 16(3), the assessing officer has accorded the following treatment:- (a) In the case of plots at Sarwar Road and Aziz Bhatti Road, Lahore Cantt. 1/3rd share of each co-owner in the three commercial plots have been assessed in their individual hands at the declared purchase price. (b) The CWT (A) has deleted the addition and directed that the said plots be appraised for wealth tax purposes collectively in the hands of concerned AOP. (c) In the case of Jail Road Property, the assessing officer has bifurcated the total area of 10440 sq. ft. by excluding the area rented out to M/s Nirala (Pvt) Limited and the balance area has been appraised for wealth tax purposes in the hands of the co-owners by appraising land and superstructure separately. The land area has been appraised at applicable DC rate, superstructure has been separately appraised at Rs.350/- per sq.ft. 173rd share of M/s Maqsood Ahmad computes at Rs.69,62,733/- and that of M/s Mehmood Ahmad & Farooq Ahmad at Rs.13,91,400/- respectively. (d) The CWT (A) has deleted the shares in the said commercial property so included in the individual co-owners net wealth and has directed that the same be assessed globally in the hands of the co-owners collectively treated as "AOP". (e) In the case of Wans Road property, the assessing officer has appraised land area of 192-Marfa…
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