Law:

Section:

Wealth Tax Rules, 1963--- ----R. 8(3)---C.B.R. Circular No.C.14(7)IT/6/WT/79, dated 20-8-1979--­C.B.R. Circular No. 11 of 1994, dated 17-7-1994---Immovable property--­Valuation---Principles---Registered sale-deed---Evidentiary value---Held, registered sale-deed could not be belied---Assessing Officials could not use arbitrarily the powers and adopt coercive measures for evaluation of property on the rise side each and every year for the purposes of wealth tax for such exercise of power would be against the principles of natural justice. ORDER SYED MUMTAZ ALI GILLANI (JUDICIAL MEMBER). ---This order will dispose of both the appeals for the years 1983-84 and 1984-85. 2. The appellant has urged a common point i.e. evaluation of the properties involved as under:--- ASSESSMENT YEAR 1983-84: (1) Shop No. 30, Nishat Road, Multan: Enhancement of Rs.55,000 to Rs.60,000 is not justified. (2) 1 Kanal Plot at Abdali Road, Multan: Assessed at Rs. 3,00,000 and confirmed in appeal is unjustified. (3) Plot No. 100 Overseas Karachi: Assessed at Rs.400,000 and confirmed by the A.A.C. is illegal as PT- I has determined the value at Rs.14,400. (4) Plot No. 3 Ishrat Corporation, Karachi: Assessed at Rs.1,30,000 being in contest. (5) Share in Property No. 3028 Akbar Road, Multan: Assessed at Rs.35,000 being in contest. ASSESSMENT YEAR 1984-85 (1) Shop No.30, Nishat Road, Multan: Valuation adopted at Rs.70,000 being excessive one. (2) Plot at Abdali Road, Multan: Assessed at Rs.3,25,000 is also excessive. (3) No. 100 Overseas, Karachi: Valuation adopted at Rs.6,00,000 is on the high side. (4) Plot B-3, Ishrat Colony, Karachi: Assessed at Rs. 1,40,000 is also excessive. (5) Plot No. 69 in the name of wife assessed at Rs.2,00,000 is contested. (6) Share in Property No.3028 Akbar Road, Multan assessed at Rs.40,000 is also excessive. (7) Plot No. 110 Babar Block, New Garden Town. Lahore, assessed at Rs.5,40,000 is not justified. 3. It is argued by the A.R. of the appellant that values of the plot and properties has been assessed arbitrarily by passing the Circulars issued from the Central Board of Revenue from time to time and he has drawn our attention to the Circular No. C. No. 14(7)…

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