Law: Civil Procedure Code (V of 1908)

Section: OrderI ofRule10

Wealth Tax Act (XV of 1963)--- ----S. 7---Valuation of property---Appellant returned valuation of house and claimed that he had disposed of house for consideration of Rs.10,50,000 through agreement and purchased another house, so same be accepted as value of house---Assessing Officer, thinking agreement not genuine, rejected same and adopted value on his own ---I.T.C. (A), considering estimate on higher side and house being in Cantonment area where property did not mature into free hold, reduced value but not to satisfaction of appellant--­Appellant relied on decree of Civil Court in which agreement was taken as genuine one---Held, Civil Court had determined that rights in property were fully conveyed by way of agreement, however, possession of property was not indicated by evidence on record and of Court was also silent on that point, therefore, matter needed to be remanded .to Assessing Officer with direction that possession should be probed and value be assessed and position should be ascertained whether appellant retained actual and constructive possession even after execution of agreement. ORDER NASIM SIKANDAR (JUDICIAL MEMBER). ---These cross appeals relate to the assessment years 1985-86 to 1988-89 and assail a common order recorded by AAC, Range-IV, Lahore on 5-10-1991. 2. The assessee appellant is an individual who returned the value of a house commonly known as 116 Mahmood Ghaznavi Road, Sialkot at Rs.4,00,000. The Assessing Officer adopted the value of the property at Rs.20,00,000 in the year 1985-86 and at Rs.22,00,000 in the year 1986-87. In respect of next two years viz., 1987-88 and 1988-89 it was claimed by the assessee that she disposed of the house for consideration of Rs.10,50,000 and purchased a house 115-A Abubakar Block New Garden Town, Lahore. This claim was not believed by the Assessing Officer on the ground that the property was allegedly conveyed by means of an agreement only and also that it was not a genuine document. Thereafter he adopted the value of this house at Rs.24,20,000 and Rs.26,62,000 respectively in the last two years viz., 1987-88 and 1988-89. 3. Learned first appellate authority found the value estimated to the years…

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