Law: Wealth Tax Act, (XV of 1963)

Section: 2(5)(16),2(e)(m),3,17B

Law: Wealth Tax Rules, 1963

Section: 8(3)

(a) Wealth Tax Act (XV of 1963)--- ----Ss. 2(5)(16). 2(e)(m), 3 & 17B---Powers of Inspecting Assistant Commissioner to revise Wealth Tax Officer's order---Land under litigation--­Inclusion of such land in net wealth---Land declared by assessee in his wealth statement was not assessed in wealth tax assessment by Assessing Officer, Inspecting Assistant Commissioner concluded that assessment made was erroneous as well as prejudicial to the interest of Revenue andâ-ž therefore, included the value of such land in the net wealth of the assessee---Assessee contended that he was the owner of land but he was not in possession the same being under litigation and the occupants had claimed their title by way of adverse possession for over 12 years, therefore, unless the title was cleared by the Court and its possession was duly delivered to the assessee, the land in question could not be assessed in the hands of assessee--­Validity---Assessee was the owner of land in question duly declared by the' Supreme Court of Pakistan which formed his asset as defined by the Wealth Tax Act, 1963---Law did not distinguish the assets which were in possession of the assessee and which were not in possession---Tendency of litigation in respect of said land did not exclude same from the ownership of the assessee---Requirement of law was that the asset must belong to the assessee as on the valuation date---Assessment made was not only erroneous but was prejudicial to the interest of Revenue also---Assessment was rightly modified by the Inspecting Assistant Commissioner in circumstances: Black's Law Dictionary, 5th Edn. and Webster's Law Dictionary ref. (b) Wealth Tax Act (XV of 1963)--- ----S. 7(2) (aa) (i)---Wealth Tax Rules, 1963, R.8(3)---Value of assets how to be determined ---Assessee purchased agricultural land and got approved a housing scheme on the said land by Cantonment Board---Said Agricultural land remained no longer available for use of agricultural purpose after the development. of Housing Scheme---One piece of land from said scheme was not in possession of the assessee and was under litigation---Value of such piece of land was determined under R.8(3) of the Wealth Tax…

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