Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth Tax Rules, 1963---R.8(3)---Valuation of land and building---Assessing Officer adopted higher value of land than fixed by the Collector of the District for the purpose of stamp duty under the Stamp Act, 1899 and valuation of construction was adopted separately---First Appellate Authority reduced the value of land by adopting the rate fixed by the Collector of District and valuation of building was confirmed---Validity---Order of Assessing Officer and First Appellate Authority was vacated by the Appellate Tribunal on the ground that provision of R.8(3) of the Wealth Tax Rules, 1963 was not followed which does not provide valuation for plot and building built thereon separately---Valuation is to be made on the basis of market value following the procedure as laid down in R.8(3) of the Wealth Tax Rules, 1963. (b) Wealth Tax Rules, 1963--- ----R.8(3)---Valuation of land and building---Method---Market value or gross annual rental value lower of the two values to be adopted for the building--¬Market value or value specified by the District Collector: Lower of the two values to be adopted for open plot. ORDER MANSOOR AHMAD (ACCOUNTANT MEMBER).---This appeal by the assessee is directed against the order, dated 20-11-1996 by the learned AAC, Islamabad in respect of assessment year 1995-96. 2. Mr. Zafar Iqbal, for the department and Mr. Nadeem Ahmad Khan, Advocate, present on behalf of the assessee/respondent. Parties have been heard. 3. The facts of the case are that the assessee, an individual, is owner of 1/2 share in a plot with structure thereon. The area of plot is 2,778 sq. yds and the covered area of the building thereon is 1600 sq. ft. The assessee declared the value of his share in the said property at Rs.2,30,000. The assessing officer considered this value to be too low. He adopted the value of the plot a Rs.964 per sq. yd. on the basis of sale price of another plot in the same area measuring 1944 sq. yds. The value of plot was thus, determined at Rs.26,77,992. The value of building was estimated at Rs.560000 by adopting the cost of construction at Rs.350 per sq. ft. The total value of property was thus, determined at Rs.32,37,992 and assessee's 1/2…

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