Law: Wealth Tax Act, (XV of 1963)

Section: 2,2(3)(ii)

(a) Wealth Tax Act (XV of 1963)--- ----S. 2(m)---Net wealth---Meaning---Net wealth of an assessee means the difference between his assets and the debts owned by him.---[Words and phrases]. (b) Interpretation of statutes------ ----Ordinance issued by the President---Error in date of enforcement of Ordinance on account of a typographical mistake published in the official Gazette-- -Printers of the Gazette could on their own issue a corrigendum without making a reference to the President or the Ministry of Law---Contention that the Ordinance should be taken to have come into force from the date incorrectly printed in the official Gazette was repelled. (c) Wealth Tax Act (XV of 1963)--S. 2(3)(ii) [as substituted by Wealth Tax (Amendment) Ordinance (II of 1980)]---Assets---Definition---Only such immovable properties as are held for the purposes of business of construction and sale or for the business of construction and letting them out, fall within the definition. ---[Words and phrases]. The definition of assets does not seem to be very happily worded. It can be interpreted as referring to three different categories of immovable properties, to wit:-- (i) immovable property held for the purpose of **** letting out of property; (ii) immovable property held for the purpose of business of ***** letting out of property, and (iii) immovable property held for the purpose of business of construction and sale or business of construction and letting out, of property. There is a slight difference between properties falling in categories (i) and (ii); thus the property of an assessee who carries on business of letting out its properties will fall in category No. (ii) whereas the property of an assessee who occasionally leases out the space not immediately needed by him will fall in category No. (i). The last category, that is, category No. (iii) relates to the property of those assessees who are engaged in the business of construction of properties for the purpose either of sale or of letting out. Now, the definition as it stands worded can refer to any one of these categories. Wealth Tax Act is a fiscal statute as it imposes a pecuniary burden on the citizens. In a fiscal…

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