Law: Wealth Tax Act, (XV of 1963)

Section: 17B

Law: Constitution of Pakistan, 1973

Section: 185(3)

(a) Interpretation of statutes--------- ---- Retrospective effect of statute---Scope---Where any statute affects substantive right, it would operate prospectively unless by express enactment or necessary intendment retrospective operation has been given. Malik Gul Hassan & Co. and 5 others v. Allied Bank of Pakistan 1996 SCMR 237 ref. (b) Wealth Tax Act (XV of 1963)------ ----S. 17-B (as added by Finance Act (VII of 1992))---Constitution of Pakistan (1973), Art. 185(3)---Assessment order, cancellation of--­Provisions of S. 17-B of Wealth Tax Act, 1963 (as added by Finance Act (VII of 1992)) whether had retrospective effect---Assessment orders for the years 1988-89 to 1991-92 were cancelled by Inspecting Additional Commissioner (Wealth Tax) under the provisions of S. 17-B of Wealth Tax Act, 1963, vide order, dated 8-11-1993---Plea raised by the assessee was that since the provisions of S. 17-B of Wealth Tax Act, 1963, were to take effect from 1-7-1992, the Commissioner had wrongly applied the said provisions retrospectively---Validity---Leave to appeal was granted by Supreme Court to consider, whether S. 17-B of Wealth Tax Act, 1963, would be applicable retrospectively or prospectively. Malik Gul Hassan & Co. and 5 others v. Allied Bank of Pakistan 1.996 SCMR 237 ref. ORDER IFTIKHAR MUHAMMAD CHAUDHRY, J.---These petitions for leave to appeal have been filed against the judgment/order, dated 16th October, 2001 passed by High Court of Sindh, Karachi whereby Tax appeals filed by petitioners has been dismissed. 2. Precisely stating the facts of the case are that vide show-cause notice issued by the Inspecting Additional Commissioner of Wealth Tax the assessment orders in favour of petitioners pertaining to the years 1988-89 to991-92 were cancelled in exercise of jurisdiction under section 17-B of the Wealth Tax Act, 1963 vide order, dated 8th November 1993. Petitioners assailed this order before the Income-tax Appellate Tribunal by filing four appeals pertaining to the assessment of each financial years for which assessment was cancelled. The Tribunal vide judgment, dated 20th September, 2000 dismissed all the four appeals. As such petitioner being…

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