Law: Wealth Tax Act, (XV of 1963)

Section: 17,16(2),7(2)(aa)(1),56

Wealth Tax Act (XV of 1963)--- ----S.17---Wealth escaping assessment---Setting aside of assessment---First Appellate Authority set aside the case for de novo assessment after having held that the combined notice issued under S.17 of the Wealth Tax Act, 1963 was illegal---Validity---Notice under S.17 of the Wealth Tax Act, 1963 issued was a combined notice for all the assessment years---First Appellate Authority admitted such fact and the same did appear in the order---First Appellate Authority, instead of annulling the assessments framed on the basis of combined notice, remanded the case for de novo assessments---First Appellate Authority erred in law while remanding the case---Appellate Tribunal vacated the order of First Appellate, Authority and annulled the assessments framed by the Assessing Officer---Assessments were supposed to be completed within two years from the date of issuance of notice which was not done, rather, the assessments were framed after almost four years of the issuance of the notice and such assessments had become tine-barred---Assumption of jurisdiction by Assessing Officer thereafter was nullity in the eye of law. 2000 PCTLR 815 and 1987 PTD (Trib) 314 rel. ORDER Captioned five appeals pertaining to the assessment years 1996-97 to 2000-01 have been directed by the assessee/appellant against the impugned order dated 1-6-2004 passed by the learned Commissioner of Income/Wealth Tax (Appeals), Bahawalpur. It is the grievance of the assessee that the learned CIT/WIT (A) erred in law while setting aside the case for de novo assessment after having held that the combined notice issued under section 17 of the repealed Wealth Tax Act, 1963 (hereinafter called the repealed Act) was illegal. 2. Learned counsel for both the parties were present and heard. 3. Brief facts, giving rise to the institution of the instant appeals, are that the Department on the basis of information made by the complainant that the assessee purchased 127-Acres of agricultural land for sale consideration of Rs.2, 41,30,000. The Wealth Tax Officer, Circle-11, Rahim Yar Khan issued statutory notice dated 27-8-2001 under section 17 of the repealed Act, for filing of wealth…

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