Law: Wealth Tax Rules, 1963

Section: 8(3)

Law: Wealth Tax Act, (XV of 1963)

Section: 2(m),3,24

(a) Wealth Tax Act (XV of 1963)--- ----Ss.3 & 24---S.R.O. Nos.182 (I)/70, dated 4-8-1970 and S.R.O. No.1194 (1)/70, dated 4-8-1970---Appellant's case was remitted back by Tribunal for disposal in accordance with law ---C.I.T.(A) set aside assessment for re-determination of wealth by Assessing Officer---Held, C.I.T. (A) should have taken pains to consider and decide issues on merit instead of leaving applicant's fate in hands of Assessing Officer, when it had sufficient material before him to decide the matter. (b) Wealth Tax Act (XV of 1963)--- ----S. 7---Valuation of agricultural land---Assessing Officer - multiplied produce index unit by Rs.50 in contravene of C.B.R. S.R.O's.---Held, Assessing Officer should have multiplied P.I.U. by Rs.10 as per C.B.R. Notification. (c) Wealth Tax Act (XV of 1963)--- ----S.5---Claim of exemption---Exemption should be allowed on such assets as claimed in returns. (d) Wealth Tax Rules, 1963--- ----R.8 (3)---Mis-quotation of sections---Assessing Officer valued property by applying R.8 (3) of Wealth Tax Rules---Appellant objected to mis-quotation--Held, although rule was not applicable in that case, yet misquotation of section did not render order to be invalid. (e) Wealth Tax Act (XV of 1963)--- ----S.4---Valuation of property---In absence of any concrete material with Assessing Officer, rate notified by Government for registration purpose should be relied upon. (f) Wealth Tax Act (XV of 1963)--- ----S.2 (m)---Net wealth---Liability---Allowance---Advance---Appellant claimed liability in shape of advances received against agreement of sale--­Assessing Officer disallowed---Such liabilities were, held, genuine and same should be allowed. (1983) 48 Tax 6; S.R.O. No.182 (I)/70, dated 4-8-1970 and S.R.O. No.1194(I)/70, dated 4-8-1970 ref. ORDER ASHFAQ AHMAD (ACCOUNTANT MEMBER).---The appellant is aggrieved against the order of the CWT(A) for the assessment years 1989-90, 1990-91 and 1991-92. 2. The brief facts of the case are that movable and immovable assets of the assessee were evaluated by the Asst. Commissioner of Income Tax and Wealth Tax Circle-07, Companies Zone II, Lahore vide a joint order dated 25-6-1994 for the…

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