Law: Wealth Tax Act, 1963

Section: 17B,25(1),25(2)

(a) Wealth Tax Act (XV of 1963)--- ----Ss. 25(1) & 25(2) [since omitted]---Power of Commissioner to revise orders of subordinate authorities---Limitation period---Scope---Whether in the absence of a limitation period prescribed under S. 25(2) of the Wealth Tax Act, 1963 ('the Act') the said omission could be supplied with reference to the limitation period under S. 25(1) of the Act---Held, that S. 25(1) of the Act provided a revisional remedy to the assessee for obtaining an order that was net prejudicial to his interest---Prescribed limitation period for invoking said remedy was one year---On the other hand, S. 25(2) of the Act (since omitted) conferred a suo motu power on the Commissioner to revise orders in the interest of the revenue for which no limitation period was prescribed in the Act---Thus, Ss. 25(1) & 25(2) of the Act served different purposes---Purpose of S. 25(2) was to protect the interest of the revenue and to prevent wealth from escaping assessment---Same purpose was also served by Ss. 17A & 17B of the Act, and the limitation period for both said sections was four years---In particular S. 17B , which was almost a verbatim copy of S. 25(2) provided for the exercise of suo motu revisional power by the Inspecting Additional Commissioner to protect the interest of the revenue---Section 25(2) was only omitted from the Act in the year 1992 after S. 17B was inserted into the Act---Section 17B was then the successor to S. 25(2), therefore, it was only logical that the limitation period governing section 17B, i.e. four years, should also govern S. 25(2) of the Act. (b) Interpretation of statutes--- ----Limitation period---Statute not providing any limitation period---When a statute was silent about limitation, a reasonable time limit was to be supplied by the Court---In carrying out such exercise, no general standards could be set out, and such time was and shall be dependant again on the purpose of the law to be achieved by an act or function to be performed. Federal Land Commission through Chairman v. Rais Habib Ahmed and others PLD 2011 SC 842 ref. ORDER UMAR ATA BANDIAL, JUSTICE:---.--- The point in issue is whether the limitation period…

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