Law:

Section:

Wealth Tax Act (XV of 1963)----S. 16---Assessment---Property gifted by the assessee was assessed in the hands of assessee as well as in the hands of the donee---Validity--­Property after completion of gift transaction could not be assessed in the hands of the donor---Even otherwise property or a share in the property could not be assessed in the hands of two different persons---PT-1 Form showed that the property belongs to four persons having 1/4th share each ---Assessee after gifting away his share, was no more owner of the property and had rightly not declared the same in his wealth tax return and the Assessing Officer unjustifiably assessed the same in the hands of the assessee---Order of both the Authorities below was annulled by the Appellate Tribunal. ORDER SYED NADEEM SAQLAIN (JUDICIAL MEMBER).---Titled four appeals pertaining to the assessment years 1997-98 to 2000-2001 have been filed at the instance of the assessee calling in question the combined impugned order, dated 29-1-2002 passed by the learned CIT(A) Sialkot Zone, Sialkot. The sole grievance of the assessee/ appellant for all the years under appeal is that the property namely Rex Cinema Sialkot was wrongly assessed in his hands. 2. Briefly stated the facts of the case are that the assessee filed Wealth Tax returns for the years under consideration declaring net wealth at Rs.4,32,804 Rs.3,88,207, Rs.7,81,707 and Rs.11,76,434 respectively. The Assessing Officer rejected the declared version and worked out net, wealth at Rs.1,12,20,791, Rs.1,46,31,907, Rs.154,15,603 and Rs.1,65,00,534 respectively. Being aggrieved with the above treatment the assessee went in appeal before the learned First Appellate Authority who vide his order, dated 29-1-2002 confirmed/set aside the different issues raised before him. Being dissatisfied with the impugned order the assessee preferred appeal before the Tribunal. However, the main thrust of the assessee before the Tribunal is regarding assessment of property namely Rex Cinema and adjoining 'rooms. The same is being discussed as under:-- 3. Both the parties have been heard and relevant order perused. The learned A.R. of the assessee contended that the learned…

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