Law: Wealth Tax Rules, 1963

Section: 8(3),proviso,360(1)/92,

Wealth Tax Rules, 1963---R. 8(3), proviso---SRO 360(1)/92, dated 14-5-1992---S.R.O. 534(1)/94, dated 9-6-1994---Property let to tenant ---Vacancy---Valuation--­Determination of---Value of property was declared on the basis of actual rent received excluding the vacant period---Value of property was assessed without prior approval of Inspecting Assistant Commissioner on the basis of Gross Annual Rental Value for 12 months for which the property might reasonably be expected to let from year to year---Validity---After insertion of proviso to the Explanation to sub-rule (3) of R.8 of the Wealth Tax Rules, 1963 in 1992, the Gross Annual Rental Value of the property shall not be estimated at a sum higher than the rent paid or payable by the tenant, without the prior approval of the Inspecting Additional Commissioner---Rent for the period when the property remained vacant shall not be taken into account for working out the Gross Annual Rental Value---Assessment was set aside with the directions to accept the declared value and assess the value of properties accordingly. ORDER S. M. SIBTAIN (ACCOUNTANT MEMBER). ---These two appeals are instituted at the instance of the assessee against the orders of the learned C.W.T.(A) for dismissing appellant's contention that value of let out property held by the company is to be determined on the basis of actual rent paid or payable during the year by the tenants to the appellant. 2. We have heard the learned representatives of the two parties. 3. Briefly the facts are that for the assessment year 1997-98, the property has been let out at the rate of Rs.40,000 p.m., from July 1996-97 up to March, 1997. Thereafter, it has remained vacant during the months of April and May, 1997. It has been let out again from 1st June, 1997 at a monthly rent of Rs.57,000. Thus, the appellant has declared the GARV at Rs.4,17,000 for the assessment year 1997-98. In the assessment year 1998-99 the GARV of the property (supra), has been declared at Rs.6,63,100 for a period of eleven months and nineteen days because it has claimed that after June 19 up to June 30, 1998 the property has remained vacant. In this year GARV of the, shop has been declared at…

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