Law: Wealth Tax Act, (XV of 1963)

Section: 5(1)(xv)(ii)

Law: Income Tax Ordinance, 1979

Section: 13(1)(d)

Wealth Tax Rules, 1963 -- Rule 8(3) Valuation -- C.B.R. Circular No. 14(7)-WT-VI/79 -- I.T.J. (42/85), 8/42-WT/84 -- ITJ-1(31)/85 --G.A.L.V. -- Self occupation -- Assessee purchased property in the assessment year under consideration -- Purchase price declared alongwith registered sale deed -- Assessing officer determined gross annual letting value and capitalized the value of the property -- Whether justified -- Held yes -- Date of acquisition of property has not been brought on record -- Circular No. 14(7) WT-VI/79, dated 21-7-1979 -- Whether applicable -- Held no -- Exemption -- Proceeds of Foreign Exchange Bearer Certificate -- Exemption claimed in respect of asset created on encashment of F.E.B.C. -- Assessing officer refused the claim -- Whether justified -- Held yes -- Valuation of land and building -- Determination of market value and considering gross annual rental value -- Distinction -- Although an estimation under S. 8(3), Wealth Tax Rules, 1963 does not bear same element of market value as is relevant under Section 13, Income Tax Ordinance, 1979 yet the process to consider the gross annual rental value and estimating the market value of a property are necessarily distinguishable -- Valuation of land and property -- Assessing Officer is not enjoined upon to accept the cost price of the property in all the years to come in respect of any kind of asset whatsoever -- Where date of acquisition of property had remained in mystery throughout the proceedings and even before the tribunal and condition precedent laid down in C.B.R. Circular No. 14(7)-WT. VI/79 that the house acquired remained under self-occupation since its construction or acquisition had not been established, Tribunal repelled the contention that C.B.R. Circular No. 14. 14(7)-WT-VI/79, dated 21-8-1979 was applicable in the case of assessee -- Preamble -- C.B.R. Circular No. 14(7)-WT-VI/79, dated 21-8-1979, CI. 3(b) -- Provision of CI.3(b) of C.B.R. Circular No. 14(7)-W.T.VI/79 is not ultra vires of the sense and soul of not only Wealth Tax Act, 1963 and the rules framed thereunder but also the powers of the C.B.R. to issue directions to the Subordinate Authorities -- Exemption -- Encashment…

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