Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth Tax Rules, 1963--- ------R. 8(3)-"Gross Annual Rental Value"-Definition-Wealth Tax Officer not making any effort to determine Annual Letting Value of property either himself or adopt such value as determined by con­cerned Excise and Taxation Authority or any other local authority but estimating value on basis of location of property-Such value cannot, in circumstances be said to be a sum higher than ten times of gross rental value of property-Prior approval of Inspecting Assistant Commissioner required only when value of property to be deter­mined at a sum higher than ten times gross annual rental value there­of-Determination of value of property by W. T. O. not found to be in accordance with requirements of r. 8(3)-Order of Appellate Assis­tant Commissioner upheld. ORDER MUHAMMAD MAZHAR ALI (PRESIDENT).---This appeal is directed against the order of Appellate Assistant Commissioner, Wealth Tax A-Range, Karachi dated 18-10-1978 whereby he has set aside the order of assessment to be made de novo in accordance with law. 2. The dispute in this appeal concerns the valuation of an immovable property situated at Jamshed Road, Karachi. The assessee had disclosed its value at Rs. 22,800 whereas the Wealth Tax Officer estimated the same at Rs. 3 lakh, in consideration of the fact that it is situated on main road and in an area where the value of the property is very high. On appeal the assessee's stand before the learned A. A. C. was that the property was self-occupied and could not be valued in the light of Annual Letting Value adopted by the M. K. C. and that the VV. T. O. has fixed its value at a figure which is higher than 10 times the Annual Letting Value, without obtaining the prior approval of the Inspecting Assistant Commissioner Wealth Tax. The learned A. A. C, observed that the counsel for the appellant could not satisfy him on the point of Annual Letting Value of the property but he found his objection regarding lack of approval to be forceful. Consequently he set aside the order of the Assessing Officer as stated above. 3. Mr. Ebrahim, F. C. A., the learned Authorised Representative of the appellant reiterated the same contentions before us which were…

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