Law: Wealth Tax Act, (XV of 1963)

Section: 16(5),23(3)

Law: Wealth Tax Rules, 1963

Section: 8(3)

(a) Interpretation of statutes- -- Excepting or qualifying proviso to section or Rule-Effect. The effect of an excepting or qualifying proviso, according to the ordinary rules of construction, is to except out of the preceding portion of the enactment or to qualify something enacted therein which but for the proviso would be within it and such a proviso cannot be construed as enlarging the scope of an enactment when it can be fairly and properly construed without attributing to it that effect. A proviso is generally accepted, as in the nature of exception to the substantive provision to which it has been appended. The territory of a proviso Therefore, is to carve out an exception to the main enactment and exclude something which otherwise would have been within the section. It has to operate in the same filed and if the language of the main enactment is clear it cannot be used for the purpose of interpreting the main enactment or to exclude by implication what the enactment clearly says unless the words of the proviso are such that it is its necessary effect. Craies on Statute Laws, 17th Edn., p. 218 , Pramath Nath Ch. v. Kamir Mondal P L D 1965 S C 434 and C. I. T v. Pndo Mercantile Bank, Ltd. (1959) 36 I T R 1 (S C) ref. (b) Wealth Tax Act (XV of 1963)- -- Ss. 7, 16(5) & 23(3)-C. B. R. Circular No. 2- of 1971 [No. 8(10)W'T/71, dated 13-1-1971]-Wealth Tax Rules, 1963, r. 8(1)(3), proviso-Object of proviso to r. 8-Estimate of value of assets other than cash Determination of genuineness-Sale of property­Instrument of conveyance duly executed at time of issuance of notice of enhancement of value of price-Value given in deed-Genuine­ness Annual letting value-Gross val e-Enhancement-Powers of assessing officer-Extent. A bare perusal of the rule 8(3) of the Wealth Tax Rules, 1963 mani­festly lays down that the value of any asset (other than cash) shall be estimated to be the price, which, in the opinion of the Wealth Tax Officer, it would fetch if sold in the open market on the valuation date. The 'Proviso to the said sub-rule is couched in the negative language and it only puts a restriction on the powers of the Wealth Tax Officer not to determine the value of…

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