Law: Wealth Tax Act, (XV of 1963)

Section: 2(1)(5),2(1)(ii),3,16(5)

Law: West Pakistan Urban Rent Restriction Ordinance (VI of 1959)

Section: 105

Law: Transfer of Property Act, 1882

Section: 2(8)

Law: Income Tax Ordinance, 1979

Section: 19,22,30

ORDER MUHAMMAD SHARIF CHAUDHRY (ACCOUNTANT MEMBER).-These three appeals for the years 1996-97 to 1998-99 have been preferred by Revenue against appellate order dated 31-10-2001 passed by Commissioner Income-tax/Wealth Tax Appeal Zone-11, Lahore under section 23 of the Wealth Tax Act. It has been contended in the grounds of appeal, which are identical in all the years under consideration, that the learned Commissioner was not justified to cancel the assessments made. by the Wealth Tax Officer because the Pace Pakistan Limited holds its Plaza for the purpose of letting out as ii receives fixed rent in the form of percentage of sales or the minimum fixed amount and it has no concern with the profit or loss of the stall holders. Therefore, the assessee had been rightly assessed to wealth tax by the Assessing Officer under section 16(5) of the Wealth Tax Act 1963 as assessee is a company and its activities/nature of arrangement clearly fall within the expression "letting out" or/and "business of letting out" in terms of section 2(l)(5)(ii) of the Wealth Tax Act, 1963. 2. On behalf of appellant D.R. and the Legal Advisor appeared, whereas on behalf of respondent the A.R. of the assessee appeared. Both the parties have been heard and available records have been perused. Case-law produced by them has also been appraised and considered. Appeals filed by the Revenue are decided in this combined order as follows. FACTS OF THE CASE 3. The assessee-respondent in the instant case is a Public Limited Company not registered and enlisted on Stock Exchange. No suo motu returns of wealth tax were filed. DCWT issued notices, under section 17 in response to which the A.R. of the assessee submitted reply and contended that Pace Pakistan Limited is exempt from wealth tax and therefore, no wealth tax return is due. The Assessing Officer issued show-cause notices under section 16(3) from time to time asking the assessee to explain the nature of its activities and to file the requisitioned documents. In response to these show-cause notices the A.R. of it (assessee appeared before the Assessing Officer to take the plea that lie assessee is not liable to wealth tax. He also filed a…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492