Law: Wealth Tax Act, (XV of 1963)

Section: 2(m),2,27(1)

(a) Wealth Tax Act (XV of 1963)--- ----S. 2(m)---Constitution of Pakistan (1973), Art.185(3)---Leave to appeal was granted to consider whether the in Commissioner of Wealth Tax, Lahore v. Fozia Moghis 1988 P T D 629 had been misread by the High Court. (b) Wealth Tax Act (XV of 1963)--- ----Ss2(m) & 27---Reference---Jurisdiction of High Court under S.27 is advisory in nature and is based on the statement of the facts referred to it. (c) Wealth Tax Act (XV of 1963)--- ----S. 2(m)---Term `debt owed'---Definition---Wealth tax or income-tax liability would amount to debt owed by the assessee. The term `debt owed' has not been defined in the Act, its ordinary dictionary meaning will be relevant for interpreting it. Word `debt' has the following meaning:-- Something that is owed especially money; a state of obligation to pay something owed. "Debt" is a sum of money due from one person to another. A debt exists when a certain sum of money is owing from one person (the debtor) to another (the creditor). Hence `debt' is properly opposed to unliquidated damages; to liability, when used in the sense of an inchoate or contingent debt; and to certain obligations not enforceable by ordinary process. `Debt' denotes not only the obligation of the debtor to pay, but also the right of the creditor to receive and enforce payment. A debt is a sum of money which is now payable or will become payable in the future by raising-of a present obligation. Standing alone, the word `debit' is as applicable to a sum of money which has been promised at a future day as to a sum now due and payable. If one wishes to distinguish between the two, one can say of the former that it is a debt owing, and of the latter that it is a debt due. A `debt' is an obligation to pay a liquidated or certain sum of money ... A debt may be present or future; if it is present it is existent or now due or owning. If it is future, it is existent but accruing or payable in the future. The word `debt' has a wide meaning and is an obligation to pay an ascertained sum in present or in future. Any amount owed to some other person would be a debt owed by him to the creditor. The essence of the word `debt' is the…

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