Law: Wealth Tax Act, (XV of 1963)

Section: 2(5)(i),2(16),27,3

Law: Wealth Tax Rules, 1963

Section: 8(3)

(a) Wealth Tax Act (XV of 1963)--- ----Ss.2(5)(i), 2(16) & 27---Wealth Tax Rules, 1963, R.8(3)---"Property Definition---Valuation of rented property---Land was on lease with assessee---Superstructure on land was constructed by assessee---Assessing Officer determined the net wealth of the assessee with reference to Gross Annual Letting Value---Appeal---Contention by assessee was that sub­rule (3) of R.8 of the Wealth Tax Rules, 1963 clearly enacts that formula of letting value was applicable when the building and land were owned by assessee--Validity---Held, superstructure raised by assessee on land owned by a Trust fell within the ambit of S.2(5)(i), Wealth Tax Act, 1963 and had to be valued for the purpose of calculation of net wealth of the assessee and order of Appellate Authorities was upheld. Iram Ghee Mills Ltd. v. Income-tax Appellate Tribunal I.T.A. No. l l of 1998 ref. Dr. M.B. Anakalsaria v. Commissioner of Wealth Tax, Karachi 1992 SCMR 1755 rel. (b) Wealth Tax Act (XV of 1963)--- ----S.2(5)---"Property"---Meaning---Superstructure on land---Language of S.2(5) of Wealth Tax Act, 1963 covers the property of any description whether movable/immovable, corporeal or incorporeal---Expression "property" would not exclude the superstructure raised on land unless and until it was so excluded by clear provision of law. (c) Wealth Tax Rules, 1963--- ----R.8(3)---Valuation of land and building---Expression 'and' used after land' and before 'building'---Connotation was disjunctive and not conjunctive ---Assessee was only owner of superstructure on land---Net wealth of assessee was assessed on the basis of Gross Annual Letting Value ---Assessee contended that sub-rule (3) of R.8 of Wealth Tax Rules, 1963 apply when assessee was the owner of land as well as building--­Contention was repelled and assessed value was confirmed by the High Court. Saifi Development Corporation Ltd. v. Workers' Union PLD 1965 (W.P.) Kar. 347; Muhammad Hussain v. Additional District Judge, Lahore PLD 1966 Lah. 128; Salehon and others v. The State PLD 1969 SC 267 and Miss F. Dubash v. Sindh Labour Appellate Tribunal, Karachi PLD 1978 Kar. 278 fol. (d) Interpretation of statutes--- ----…

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