Law: Wealth Tax Act, (XV of 1963)

Section: 27,2(1)(5),3A,17B,clause12(2) oftheSecond Schedule,PartI

Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth Tax Act (XV of 1963)-----S. 27---Appeal to High Court---Scope---Question of fact---Valuation of property---Determination---Contention of the assessee was that she was not owner of the property in question inasmuch as the same had been allotted to her with certain restrictions on. her right to dispose of the same and said conditions according to assessee being in derogation of the ownership rights, she was not owner of the property, and therefore, same was not liable to be taxed for wealth tax in her hands as an "asset "---Inspecting Assistant Commissioner estimated the value of the land as well as the constructed portion at a certain rate which was partly maintained by the Tribunal to the extent of the valuation of the land---Valuation so made by the Tribunal was at best a case of one estimated against the other and in such a situation, no question of law could be said to have arisen. (b) Wealth Tax Act (XV of 1963)--- ----S. 27---Appeal to High Court---Scope---Only a question of law arising out of order of the Tribunal could be a subject-matter of appeal before High Court. (c) With Tax Act (XV of 1963)--- ----S.27---Wealth Tax Rules, 1963, R. 8(3)---Reference to High Court--­Scope---Valuation of assets onless successfully demonstrated to be without a basis would not give rise to a question of law to be determined and answered by the High Court. ORDER NASIM SIKANDAR, J.---This order will dispose of I.T.As. Nos.323 to 328 and 332 to 337 of 2000. These cross-appeals under section 27 of the Wealth Tax Act, 1963 assail a common order recorded by the Lahore Bench of the Income Tax Appellate Tribunal on 31-1-2000. 2. The appellant is an individual and, an assessee of the Wealth Tax Department. Original assessments framed in her respect for the assessment years 1992-93 to 1997-98 were revised by the concerned I.A.C. after he found that she had been allotted a commercial plot by Lahore Cantt. Cooperative Housing Society measuring 5 Kanals which was not shown in her returns. The assessee claimed to have shown it as a part of business capital respectively for the years 1993-94 to 1997-98 at Rs.24,99,648, Rs.22,21,042, Rs.20,13,397, Rs.16,60,$65 and Rs.13,91,322.…

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