Law: Finance Act, 1991

Section: 12

Law: Wealth Tax Act, 1963

Section: Preamble

Law: Constitution of Pakistan 1973

Section: 185(3) 77, 141, 142 & Fourth Sched

(a) Finance Act (XII of 1991)-------S.12---Wealth Tax Act (XV of 1963), Preamble---Constitution of Pakistan (1973), Arts. 185(3) 77, 141, 142 & Fourth Sched., Part I, Federal Legislative List, Entry No.50---Corporate Assets Tax, levy of---Leave to appeal was granted by Supreme Court to consider, whether a levy known as 'Corporate Assets Tax' imposed vide S.12 of the Finance Act, 1991, by Federal Legislature, could be charged on the basis of gross value of assets inclusive of liabilities, under Entry 50 of the Federal Legislative List, Fourth Sched. read with Arts. 77, 141 & 142 of the Constitution; whether the levy of "Corporate Assets Tax, in respect of value of assets held by a Company on a specific date" as envisaged under S.12 of Finance Act, 1991, fell within the legislative competency of Federal Legislature; whether the 'Corporate Assets Tax' could be co-related to Art.70 of the Constitution and Entry No.50 of the Federal Legislative List was contained in the Fourth Sched. to the Constitution of Pakistan (1973); whether the 'Value of assets' implied gross value was distinct from and exclusive of the liabilities of the Company as shown on the balance-sheet; whether the levy was discriminatory as well as confiscatory; whether the demand of levy and or imposition of additional tax or imposition of penalty could be made by officer of Wealth Tax under Wealth Tax Act, 1963, in the absence of rules to be framed under S.12 of Finance Act, 1991 and whether the demand of levy and or imposition of additional tax or imposition of penalty could be made by officer of Wealth Tax, under the Wealth Tax Act, 1963, in the absence of conferment of power by Central Board of Revenue as per provision of the Finance Act, 1991 and or the Wealth Tax Act, 1963.(b) Finance Act (XII of 1991)--------S.12---Constitution of Pakistan (1973), Arts. 70(4), 142(a) &. Fourth Schedule, Part I, Federal Legislative List, Entry No.50---Levy of taxes on capital value of assets ---Legislation regarding such taxes---Jurisdiction of Parliament---Federal Legislative List and Concurrent Legislative List of the Constitution---Scope---Entries in Federal Legislative List, under the provisions…