Law: Wealth Tax Act, (XV of 1963)

Section: 17B,35

Wealth Tax Act (XV of 1963)--- ----S. 35---Rectification of mistake---Order passed by the Inspecting Additional Commissioner under S. 17B of the Wealth Tax Act, 1963 was rectified by the Deputy Commissioner of Wealth Tax under S.35 of the Wealth Tax Act, 1963---Validity---Only that Authority could rectify an order who had passed it originally and rectification could be made only in respect of a mistake which was apparent from the record---If the contention of the Revenue that Inspecting Additional Commissioner's order passed under S.17B of the Wealth Tax Act, 1963 had rightly been rectified by the Deputy Commissioner of Wealth Tax under S.35 of the Wealth Tax Act, 1963 was accepted, then it would not only be against the spirit of law and principle of functional jurisdiction assigned to various Authorities but it would also lead to anarchy and in that case it may happen that the Assessing Officers may start rectifying the orders passed by the Appellate Authorities like Commissioner and Appellate Tribunal which the law did not permit---Rectification order passed by the Deputy Commissioner of Wealth Tax under S.35 of the Wealth Tax Act, 1963 was rightly cancelled by the First Appellate Authority which was maintained by the Appellate Tribunal---Appeal of the Department was dismissed. ORDER MUHAMMAD SHARIF CHAUDHRY (ACCOUNTANT (MEMBER).---These two appeals have been filed at the instance of revenue for the years 1995-96 and 1996-97 against appellate order, dated 14-12-2001 passed by Commissioner Income Tax Appeal Zone-II, Lahore under section 23 of the Wealth Tax Act, 1963. It has been contended in the grounds of appeal that the learned Commissioner had no justification to cancel the order passed by the DCWT on the allegations of being illegal and without jurisdiction. 2. Appellant's DR and assessee's AR have been heard. Available records have been perused. 3. Brief facts of the case are that the assessee is a private limited company. Orders under section 17B of the Wealth Tax Act, 1963 for the years 1995-96 and 1996-97 were passed by the IAC of Income­ tax/Wealth tax Company Zone-II, Lahore on 24-8-1998 at net wealth of Rs.3,79,40,041 and Rs.4,46,76,508…

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