Law: Wealth Tax Act, (XV of 1963)

Section: 5(1)(xii),SecondSched.,Cl.12(2)

Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth tax----Assessment---Legal issue, which goes to the root of the assessment, can be raised even at any stage of apex Court of Pakistan. (b) Wealth Tax Act (XV of 1963)--- ----S. 5(1) (xii)---Finance Act (XII of 1994), Preamble---Exemption in respect of certain assets-Agricultural land---Inclusion of in net wealth---Assessment year 1993-94---Value of land Rs.2,90,000--­Assessee contended that since value of land was below the prescribed limit of Rs.10,00,000 same shall not be included in total net wealth of the assessee---Validity---Plea of the assessee was not sustainable in law---Prior to substitution in cl. (xii) of S.5(1) of Wealth Tax Act. 1963 by virtue of Finance Act, 1994, -clue of agricultural land subject to a maximum limit of one lac of Rupees was not includable in total net wealth of the assessee---Meaning thereby that if value of agricultural land exceeded Rs.1,00,000 then the value so assessed shall be included in total net wealth of the assessee but after it.,, substitution this amount had been raise to one million rupee (Rs.10,00,000), this substituted figure was applicable with effect from assessment year 1994-95 onward---Since the assessment year which was under appeal was 1993-94 which pertained to the assessment year prior to substitution in S.5(1)(xii) of the Wealth Tax Act, 1963, the Assessing Officer ha acted within his jurisdiction in including value of agricultural land held by the assessee in his total net wealth as the value adopted was higher than the prescribed limit of Rs. 1,00,000---Orders of the two Authorities below were endorsed by the Appellate Tribunal on this score. (c) Wealth Tax Act (XV of 1963)--- ----S. 5(1) (xvi)---Wealth Tax Rules, 1963, R.8(3) --Lahore Development Authority Buildings Regulation Act, 1984, R.51--­Exemption in respect of certain assets---House---Clinic --Portion of residential house was being utilized for clinic by the assessee--­Exemption was allowed to house to the extent which was being used for self-residence and value of the portion used as clinic was added in the net wealth ---Assessee contended that merely using part of the house for professional purposes would not change status of the house…

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