Law: Wealth Tax Rules, 1963

Section: 8(3)

(a) Wealth tax- ------Annual letting value of property determined by Excise and Taxa­tion Authority, held, not binding on Wealth Tax Officer-Wealth Tax Officer may determine annual letting value of any property indepen­dently of valuation fixed by Excise and Taxation Authority. (b) Wealth tax- -----Annual letting value of Rs. l0,000 as adopted by Wealth Tax Officer 3 and confirmed by First Appellate Authority patently on higher side-- Assessee could not authoritatively state as to when annual letting value of Rs. 6,000 assessed by Excise and Taxation Authority-Annual letting value of properties constantly showing upward trend-Annual letting value adopted at Rs. 8,000 in circumstances of case. (c) wealth tax--- -----Annual letting value-Valuation adopted by Provincial Authority only a relevant circumstance, not binding on Wealth Tax Officer Wealth Tax Officer, held, legally competent to hold and 'determine value on which property might reasonably be expected to let from year to year. ORDER MUHAMMAD MAZHAR ALI (CHAIRMAN):--- This appeal is directed against the order of the learned Appellate Assistant Commissioner B-Range, L ......... Pertaining to wealth-tax charge year 1979-80. The first objection is directed against the adoption of the value of a house at K,,G,,M,, Mills at Rs. 50,000 as against Rs. 10,000 declared by the assessee, who admittedly is its co-owner to the extent of one-half share. The first appellate authority has confirmed the order of the Wealth-tax Officer. The learned counsel for the appellant contended that the plot on which the house is cons­tructed, was purchased on 16-8-1974 for a total consideration of Rs. 12,350 and a small construction was made thereon, later on. In the charge year 1974-75 the assessee had declared the value of his half share in the said house at Rs. 10,000 which was assessee's at Rs. 30,000 by Wealth Tax Officer. On appeal, the Appellate Tribunal vide its order dated 26-7-1976 in W. T. A. Rio. 11/75-76 fixed the value of assessee's share at Rs. 20,000. He was unable to give information regarding the assessment year 1975-76 as it was not available with him. In respect of the subsequent three assessment years 1976-77 to…

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