Law: Wealth Tax Act, (XV of 1963)

Section: 5(1)(vi)

Wealth Tax Act (XV of 1963)--- ----S. 5(1)(vi)---Arms and ammunitions come within the purview 6T articles intended for personal use and as such enjoy exemption from the levy of Wealth Tax under S. 5(1)(vi)---Value of said articles cannot be included in the net wealth of the assessee. ORDER MUHAMMAD MUJIBULLAH SIDDIQUI (JUDICIAL MEMBER).--This appeal is directed against the order, dated 29-8-1990 by the learned Commissioner of Income Tax (Appeals), Hyderabad in WTA No. 70 pertaining to the assessment year 89-90. The only objection taken by the appellant before us is as follow:-- "That the learned Commissioner of Income Tax (Appeals) was not justified in upholding the decision of the Wealth Tax Officer that the Arms and Ammunitions are not articles of personal use which the assessee has claimed exempt under section 5(1)(vi)". 2. We have heard Mr. Asghar Kazi, - learned counsel for the appellant and Mr. Ilyas Shaikh, learned Representative for the Department. Our findings on the above ground are as follows. 3. The appellant and his children possess arms and ammunitions worth Rs.24,800. The appellant claimed exemption in respect of arms and ammunitions and section 5(1)(vi) of the Wealth Tax Act, 1963 which reads as follows: "5. Exemption in respect of certain assets.-- (i) Wealth Tax shall not be payable by on assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee--- -- -- -- -- -- -- -- -- (vi) furniture, household utensil, wearing apparel, provisions and other articles (excluding jewellery) and cars intended for the personal or household use of the assessee." 4 The contention was not accepted by the learned two Officers below and the learned Commissioner of Income Tax (Appeals) has held that, "regarding arms and ammunitions, arguments of the learned Advocate that they are articles of personal use and, therefore, their value is exempt, are not weighty and therefore, Wealth Tax…

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