Law: Wealth Tax Act, 1963

Section: 6(3),23,27

Law: Income Tax Appellate Tribunal Rules, 1981

Section: 24,25

Wealth Tax Act (XV of 1963)--Ss. 16(3), 23 27-Income Tax Appellate Tribunal Procedure Rules, 1981, Rr. 24 25-Additional evidence, production of-Wealth not declared-Proof-Appellant/Assessing Officer assessed wealth of respondent/taxpayer by including certain amounts which were alleged to be invested abroad and were undeclared-Appellate Authority maintained assessment order but Income Tax Appellate Tribunal deleted the amounts from the wealth of respondent/taxpayer- Validity-In affidavit from abroad duly attested by Notary Public of USA and Embassy of Pakistan, it was mentioned that respondent/taxpayer was only guarantor and had only acted in such capacity who was not an investor in the company-Income Tax Appellate Tribunal rightly deleted two additions made in the years under consideration-Income Tax Appellate Tribunal was last fact finding authority and was fully authorized under Rr.24 25 of Income Tax Appellate Tribunal Procedure Rules, 1981, to take additional evidence, looking to facts and circumstances of each case-Accepting of additional evidence of respondent/taxpayer was within the powers of Income Tax Appellate Tribunal-High Court declined to interfere in the order passed by Income Tax Appellate Tribunal as there was no illegality or infirmity in the order-Appeal was dismissed, in circumstances. JUDGMENT: IRFAN SAADAT KHAN, JUSTICE:---.--- These two Wealth Tax Appeals (Wealth Tax Appeals) have been filed by the department by raising the following two questions of law: I. Whether on the facts and in the circumstances of the case, the learned Income Tax Tribunal was justified in deleting the addition of US $ 12,000,000/- on account of investment for renovation of Hilton Hotel? II. Whether on the facts and in the circumstances of the case, the learned Income Tax Appellate Tribunal was justified in admitting additional evidence? 2. Briefly stated, the facts of the case are that the assessee/taxpayer is an individual, who tiled his wealth tax returns declaring wealth of Rs.72,110,806/- and Rs.56,522,852/- for the assessment years 1994 - 1995 and 1995 - 1996 respectively. The Deputy Commissioner of Income Tax (DCIT) made the assessment of both these years,…

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