Law: Wealth Tax Act, (XV of 1963)

Section: 5(l)(i),2(e)(ii),16(3)

Law: Trade Organizations Ordinance, 1961

Section: 1(12)

Law: Companies Ordinance, 1984

Section: 42

Law: Income Tax Ordinance, 1979

Section: 2(14)

Wealth Tax Act (XV of 1963)--- ----Ss.5(1)(i), 2(e)(ii), 3 & Second Sched., Cl. 22---Exemption---Leased property---Charitable purpose---Property held by assessee, was leased out for a long term ---Assessee claimed exemption from charge of wealth tax on the ground that property was for charitable purpose---Assessing Officer rejected the claim and finalized the assessment---First Appellate Authority found that assets, of the assessee were exempt under S.5, Wealth Tax Act, 1963 and were not chargeable to wealth tax---Department contended that assets held by assessee were covered under S.2(e)(i) of the Wealth Tax Act, 1963 and exemption granted by the First Appellate Authority under S.5(1)(i) of Wealth Tax Act, 1963 was unjustified---Contention of the assessee was that assets of assessee (chamber of commerce) were not covered under; S.3 of Wealth Tax Act, 1963 as the same was to yield before other provisions granting exemption, hence applicability of S.2(e)(ii) of Wealth Tax Act, 1963 was irrelevant---Validity---Charge under Wealth Tax Act, 1963 was charge on assets and the same was to be exempted if it was held for charitable purposes and not if its income could be allocated to charitable purposes---Appellate Tribunal found that property/assets were held for the purpose of charitable nature but having been rented out on long term basis was not held for public purpose of charitable nature---Order of the First Appellate Authority was cancelled while that of Assessing Officer was restored by Appellate Tribunal. B.P. Biscuit Factory v. W.T.O. (1982) 45 Tax 7; C.W.T. v. Hyderabad Race Club (1978) 115 ITR 453; AIR 1954 Hyd. 9; AIR 1955 Andh. 257; AIR 1933 Mad. 489; AIR 1965 Mad. 53; PLD 1956 Lah. 45; PLD 1969 Dhaka 681; PLD 1966 Dhaka 266; 1989 PTD 909; 1971 SCMR 128; 1980 CLC 558; PLD 1988 SC 370; PLD 1989 Lah. 337; Maxwell on the Interpretation of Statutes, 12th Edn. p.256; Hamdard Dawakhana v. CIT PLD 1980 SC 84; Rehman Corporation v. I.T.O. 1985 PTD 787; 1997 PTD (Trib.) 1034; CIT v. Narayangang Chamber of Commerce and Industry 1968 PTD 513; CIT v. Andhra Chamber of Commerce and Industry 1965 PTD 481; CIT v. Federation of Indian Chember of Commerce and Industry…

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