Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth Tax Act (XV of 1963)--- ----S.4(3)---Valuation of property was adopted against history of case--­Valuation was not based in accordance with provisions of Wealth Tax Act--­Lower Authorities had not applied mind to determine gross annual rental value of property nor based valuation on comparable properties in locality--­Tribunal determined valuation, keeping in view value of property of co-owners and that of contiguous property holding that there was no reason to discriminate against appellant---Valuation was reduced accordingly. ORDER The present appeal has been filed at the instance of an individual against order of the AAC dated 17--6-1995 agitating the determination of value of immovable properties. The learned AAC had allowed some relief to the appellant who still feels aggrieved by the valuation of properties at Cooper Road Lahore, Lawrence Road Lahore and at Niaz Baig, Lahore. 2. In the preliminary objections raised by the AR of the appellant it was submitted that the values adopted by the AAC are against the history of the case and are also not based on the provisions of Rule 8(3) of the Wealth Tax Act, 1963. Neither the Assessing Officer nor the AAC has applied his x mind to find out or determine the GALV of the properties in question. Valuation is also not based on any comparable property in the same locality. 3. Arguments advanced by the learned AR of the appellant have been bound to be convincing. Record of the case has also been referred to Valuations determined by the lower authorities is modified as under for the reasons laid out in the case of each property separately. 4. 2 MARLA BUILDING AT COOPER ROAD, LAHORE The assessee appellant is a joint owner of this property and his 2 Marlas building represents 1/4 share of the property. Its value was declared at Rs.2,82,800 which was assessed at Rs.11,00,000 by the Wealth Tax Officer. The learned AAC reduced the value to Rs.6,00,000 in view of the value adopted at Rs.5,00,000 in the assessment year 1988-89. It was pointed out that the value of this property in the case of other co-owner existing at GIR No. 1540/III had been determined at Rs.5,40,000 by the Wealth Tax Officer vide order dated…

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