Law: Wealth Tax Act, (XV of 1963)

Section: 7(2),16(3),2(m),7(2)(a)

Law: Wealth Tax Rules, 1963

Section: 8(9),8(3)

(a) Wealth Tax Act (RV of 1963)-- ---S. 7(1)--Wealth Tax Rules, 1963, R.8 (3)--Assessee a limited company engaged in Printing business having let out part of building to a tenant-- Assessee being not trading in real property and consequently rent from such property could not be assessed under head "business"--Letting out of property being an asset and consequently liable to charge under Wealth Tax Act, a part of building that was let out by assessee was to be assessed in accordance with S. 7 (1) of the Act 1963 read with R.8 (3) of Rules, 1963. 1962 P T D 381 and (1975) 32 Tax 180 (HC Mysore) distinguished. (b) Wealth Tax Act (XV of 1963)-- . ---S. 2(e) (ii)--Word "or" occurring between words immovable property held for purpose of business of construction and "sale" and "letting out of property" to be read disjunctively. 1981 PTD 217 ref. ORDER SIKANDAR HAYAT KHAN MEMBER)-- These six departmental appeals are directed against the impugned order of learned C.I.T. Appeal) by virtue of which he directed that assets of the assessee be evaluated in Accordance with subsection (2) of section 7 of the Wealth Tax Act, 1983 and rule 8 (9) of the Wealth Tax Rules, 1963, respectively instead of rule 8 (3) read with section 16 (3) of the Wealth Tax Rules ibid and Wealth Tax Act ibis respectively. 2. Briefly the facts giving rise to these appeals are that the assessee, a private limited company, is engaged in business of printing. In this connection, relevant part of memorandum of association of a khurshid printed is set out below for facility of reference:- Messrs. Khurshid Printers, Islamabad with all its assets liabilities contracts stocks, rights privileges, properties both movable and immovable with the exclusive rights to use its name. (2) To print sell, import, export and deal in all kinds of printings and raw material in respect thereof. (5) To manufacture, buy sell, import, export and deal in all kinds of instruments and material required by Printing Press and Packaging Industry. (4) 'To import raw material from the countries friendly to Pakistan and subject to import control if any, for the time being on all the said countries and Pakistan. (5) To export the…

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