Law: Wealth Tax Act, (XV of 1963)

Section: 5(i)(vi),3,2

(a) Bangladesh Wealth Tax Act, 1963--- ----S. 5(1)(vi)---Car---Claim of exemption in Wealth Tax Return on ground of its private and personal use---Held, car was not tool, implement, apparatus nor remained in constant use as necessary article by people nor it was necessity to carry on profession or vocation nor there was explicit mention about car, in Wealth Tax Act as exempted from wealth tax---Assessee's claim for exemption was turned down. (b) Words and phrases--- ----"Net wealth"---Meaning---"Net wealth" means value of assets minus debts excepting those debts given in Wealth Tax Act, 1963. (c) Words and phrases--- ----"Debt"---"Debt" means liability to pay. (d) Bangladesh Wealth Tax Act, 1963--- ----S. 2(m)---Unpaid income-tax---Fixed liability---Debt---Fiscal liability--­Assessee in his Wealth Tax Return claimed unpaid income-tax as debt on eve of estimating net wealth, which lower Authorities disallowed---Held, liability to pay unpaid income-tax was a fixed liability--- Assessee was bound to pay, if he got no relief---Balance of unpaid income-tax imposed by Assessing Officer was deducted from total assets in order to compute taxable wealth. ORDER The appeals are brought at the instance of the assessee Dhaka, an individual, against order dated 16-2-1993 passed in I. T. As. Nos. 11, 12, 13 and 14/C-54/1991-92, passed by Mr. Md. SK Ashek Hossain, AJCT, Appellate Range-5, Taxes Appellate Zone-1, Dhaka, on the self same grounds as below: Grounds of appeals (common): (i) For that the learned AJCT was not legally justified to confirm the addition of the value of car (used for private and personal purpose) under section 5;1)(VI) of the Wealth Tax Act. (ii) For that the learned AJCT was not justified to confirm the order of the DCT disallowing claim of Tax Liability of Taka 3,00;000, Taka 3,00,000, Taka 5,00,000 and Taka 6,00,000 of the assessment years under appeal viz., 1985-86, 1986-87, 1987-88 and 1988-89 respectively. 2. Facts leading to these cases are as follows That the assessee, in his Wealth Tax Return claimed Income-tax that remained unpaid for the respective assessment years of 1985-86 to 1988-89 as debts on the eve of estimating his net wealth for…

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