Law: Wealth Tax Act, (XV of 1963)

Section: 2(16),17B,16(3),2(5)(ii)

Wealth Tax Act (XV of 1963)------Ss.17-B, 16(3) & 2(5)(ii)---Powers of Inspecting Assistant Commissioner to revise Wealth Tax Officer's order---Unfinished four storeys of commercial building---Portions of ground floor and first floor of said building were let out and were completed by the assessees out of the amount of advance rent and let out---Net wealth of the assessee was assessed on the basis of gross annual rental value of the rented out portion only in the status of an association of persons---Inspecting Assistant Commissioner directed the Assessing Officer to include the value of the rest of the vacant building in the net wealth on the proportionate basis as being property held for the purposes of letting out in future ---Assessees contended that they were contemplating to use the entire unleased property for the business to be set up by them which was evident from the fact that assessees had not issued any advertisement, either directly or indirectly for letting out or sale of the said property--­Validity---No evidence on record was found to ,support the view of the Inspecting Additional Commissioner that incomplete (unfinished) vacant property was held for the purpose of letting out in future---View that property had been let gut in an unfinished condition and the rest of the property was held in the same condition to be let out in future was found too presumptive in the absence of any other overt act and attending circumstances---Order of the Inspecting Assistant Commissioner was vacated by the Appellate Tribunal in circumstances. 1996 SCMR 1470 ref. 1996 PTD (Trib.) 114 distinguished. (b) Wealth Tax Act (XV of 1963)--- ----S.2(16)---Net wealth---Advance rent---Debt owed ---Admissibility--­Advance rent allowed as debt owed by the Assessing Officer against the gross value of -taxable assets was disallowed by the Appellate Tribunal being a debt neither secured nor incurred in relation to the taxable assets. ORDER S. M. SIBTAIN (ACCOUNTANT MEMBER). -----Objections are taken in these appeals, on behalf of the assessee against the orders of the learned I.A.C. Wealth Tax passed under section 17-B of the Wealth Tax Act, 1963 on the grounds that the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492