Law: Wealth Tax Act, 1957

Section: 27(1)

Wealth Tax Act (XV of 1963)--S.27(1)-Valuation of shares-Authorities were aggrieved of order passed by Appellate Tribunal Inland Revenue on the plea that it was passed without considering reversal of valuation of shares by Supreme Court-Validity-There was no mistake apparent or floating on the surface of orders of Appellate Authority-Authorities failed to rebut and explain before Appellate Tribunal Inland Revenue as to what mistake was apparent in the orders passed by Appellate Authority to justify rectification of the orders, as order of Supreme Court was passed subsequently-No illegality or infirmity committed by Appellate Authority in following of High Court, as the same was prevalent on the date when Appellate Authority had passed order- High Court declined to answer questions of law raised by authorities as the questions did not arise out of the order passed by Appellate Tribunal Inland Revenue- Appeal was dismissed in circumstances. Munir Ahmed and others v. Federation of Pakistan (1993) 78 Tax 217 ref. JUDGMENT IRFAN SAADAT KHAN, JUSTICE:---.--- These Wealth Tax Appeals (WTAs) were filed by the department, which were admitted to regular hearing vide order dated 26.01.2005, to consider the following questions of law:- “Whether on the facts and in the circumstances of the case, the learned Income Tax Appellate Tribunal was justified to dismiss the miscellaneous application without considering the interim order of the Honourable Supreme Court of Pakistan on the same issue, by which, operation of impugned order of the Honourable High Court of Lahore was suspended? “Whether on the facts and in the circumstances of the case, the learned Income Tax Appellate Tribunal was justified in rejecting appeal filed by the Department while the decision of the Honourable High Court regarding valuation of share of Private Limited Company and un-quoted Public Company has been reversed by the Honourable Supreme Court of Pakistan vide its decision bearing C.Ps. Nos. 2221 to 2229 of 1998 holding that the valuation of the shares of the Private Limited Company and un-quoted Public Limited Company are to be taken at break-up value or face value, whichever is higher?” 3. Briefly…

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