Law: Wealth Tax Act, (XV of 1963)

Section: 3,16,35

Law: Wealth Tax Rules, 1963

Section: 8(2)

(a) Wealth Tax Act (XV of 1963)--- ----S.35---Rectification of mistake---Application seeking rectification/re­call of Appellate- Tribunal's order---Assessee contended that findings given by the First Appellate Authority were not 'only well-reasoned but stood supported by the relevant case-law incorporated in the order---Mistake floating on the surface of the order was committed when the Appellate Tribunal observed that no reason had been assigned and no case-law had been cited in support thereof when the same stands mentioned in the order of First Appellate Authority---Validity---Conten­tion of the assessee was correct---Case-law discussed by the First Appellate Authority was neither mentioned nor discussed by the Appellate Tribunal while dismissing appeals of the assessee---Arguments advanced by the assessee before the Appellate Tribunal were also neither attended to, nor dilated upon---Resultantly, mistakes on the face of record had been committed, which required rectification---Order was recalled by the Appellate Tribunal in circumstances. (1972) 83 ITR 582 (S.C. of India); PLD 2002 SC 208; 1996 PTD (Trib.) 2904; (1997) 75 Tax 108 (Trib.); 2009 PTD (Trib.) 62 and 2000 PTD (Trib.) 2157 rel. (b) Wealth Tax Act (XV of 1963)--- ----S.16---Wealth Tax Rules, 1963, R.8(2)---Assessment---Shares and securities---Valuation of---Assessee contended that all assets of the company vested in the Court auctioneer and neither the assessee-could be a willing seller of shares nor there could be any willing purchaser of such shares---Assessee did not own shares on the valuation date, thus the shares had no capital value for the assessee---Assessee was assessed at nil capital value of the shares---First Appellate Authority accepted the plea of the assessee and found that valuation on basis of face value of the shares was illegal---Validity---Appellate Tribunal having already found that mistakes apparent on the face of the order passed by the Appellate Tribunal were committed, Appellate Tribunal, therefore, rectified the same---Order of Appellate Tribunal was based on erroneous assumption--Appellate Tribunal fell in error, while ignoring the ratio settled through the s delivered…

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