Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth-tax Act, 1963 -- Section 7 -- Wealth Tax Rules, 1963 -- Rule 8(3), Proviso -- Wealth tax -- Valuation -- Land and buildings and jewelry -- Valuation of jewelry estimated arbitrarily without proper evidence -- Valuation of property not in compliance with the requirements of rule 8(3) of the Wealth Tax Rules -- Valuation so made whether sustainable in law -- Held no -- Appeal -- Objection not urged before Appellate Assistant Commissioner -- Cannot to allowed to be raised before Tribunal -- Valuation of immovable property -- "Gross Annual Rental Value" -- Meaning -- Wealth Tax Officer arbitrarily estimating value of property without applying his mind to find out or determine gross annual rental value -- Such valuation, held, not in accordance with law -- Appellate Assistant Commissioner also failing to examine case in right perspective -- Orders of Officers vacated and case remanded for de novo proceedings and fresh orders in accordance with law -- Valuation of jewelry -- Fixation of value of gold without bringing any material on record -- Held, to be arbitrary -- Order vacated and case remitted to Wealth Tax Officer for fresh adjudication -- Appeal -- Objection not urged before Appellate Assistant Commissioner -- Cannot be allowed to be raised before Tribunal -- ORDER MUHAMMAD MAZHAR ALI (MEMBER).-- These five wealth tax appeals pertaining to assessment years 1972-73 to 1976-77, which arise from the consolidated order of the learned Appellate Assistant Commissioner, Hyderabad Range, raise common question of law and facts and they would, therefore, be disposed of by this single order. 2. The first objection is directed against the adoption of the value of an immovable property situated on Plot No. 3/3, Drigh Road, Colony, Karachi, at Rs. 3/- lakh as against disclosed value of Rs. 2,80,000, only, in all the years under appeal. The assessee had disclosed its value on the basis of purchase price paid by him. The said property was purchased by the appellant through a registered sale-deed dated 28th August, 1971, which was executed in pursuance of the agreement of sale made on 18-3-1970. The description of the property given in the Schedule attached to the sale…

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