Law: Wealth Tax Act, (XV of 1963)

Section: 2(m)(ii),25(1)(2),35

Wealth Tax Act (XV of 1963)--- ----Ss. 2(m)(ii), 25(1)(2) & 35---Assessment, rectification of---Limitation---Wealth Tax Officer allowed rectification application of assessee and on 30-6-1987, passed rectification orders but the Commissioner Wealth Tax vide his order dated 29-3-1990, added back the liability claimed and allowed by Wealth Tax Officer---Order passed by Commissioner Wealth Tax was maintained by Appellate Tribunal on the ground that limitation provided under S.25(1) of Wealth Tax Act, 1963, did not apply to the orders passed under S.25(2) of Wealth Tax Act, 1963---Validity---In the totality of the scheme of entire Wealth Tax Act, 1963, Legislature did not intend to leave an assessee at the mercy of Commissioner Wealth Tax for indefinite period---Sword of Damocles in the shape of risk of enhancement of assessment could not be allowed to be hanging for all times to come---Order of Appellate Tribunal on the question of limitation could not be sustained and, therefore, question was decided in favour of assessee and against authorities---Reference was disposed of accordingly. Commissioner of Income Tax, East Pakistan v. Hossen Kassam Dada PLD 1961 SC 375; Income Tax Officer 'A' Ward, Indore v: Gwalior Rayon Silk Manufacturing (Weaving) Co. Ltd. (1975) 101 ITR 457; Commissioner of Income Tax Bombay City v. Messes. Narsee Nagsce and Co. AIR 1957 Born. 1; (1961) 3 Tax 1; (1962) 3 Tax 374 ; Statutory Constitution by Crawford, 1940 Edn. Pp. 288 to 290; Khomchand Ramdas v. C.I.T. (1934) 2 ITR 216; Commissioner of Income Tax v. Khomchand (1938) 6 ITR 414; Shiv Kirpal Singh v. VV Giri (1970)-2 SCC 567; AIR 1970 SC 209; AIR 1946 PC 156; Babu Rao v. Zakri Hussain; (1968) 2 SCC 133; CIT v. SRY Ankineedu Parsad (1978) 115 ITR 78; Ram Niwaz Vs. Mithan Lal AIR 1979 P&H 262; AIR 1980 Madh. Pra. 166; Parashuran Pottery Works Co. Ltd. v. Income Tax Officer, Circle I, Ward A, Rajkot Volume 106 (1977) and Commissioner of Income Tax v. Kamran Model Factory 2002 PTD 14 ref. JUDGMENT MUHAMMAD ATHER SAEED, J.---The Tribunal has vide its order dated 30-8-1994 in R.As. Nos.165/HQ of 1990-91 to 174/HQ of 1990-91 referred the following questions of law said to be arising…

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