Law: Wealth Tax Act, (XV of 1963)

Section: 5(1)(xii),17B

(a) Wealth Tax Act (XV of 1963)--- ----S.17B---Powers of Inspecting Assistant Commissioner to revise Wealth Tax Officer's order---Assessment year 1991-92---Validity--­Section 17B of the Wealth Tax Act, 1963 enacted through Finance Act, 1992 was not applicable to an assessment year earlier to its date of enforcement---Inspecting Assistant Commissioner was not competent to revise the assessment framed in respect of the Assessment year 1991-92. CIT v. National Security Insurance Co. Ltd., Lahore 2001 PTD 814 rel (b) Wealth Tax Act (XV of 1963)--- ----S.17B---Powers of Inspecting Assistant Commissioner to revise Wealth. Tax Officer's order---Assessment by Inspecting Assistant Commissioner was set aside in appeal---Fresh assessment by the Wealth Tax Officer---Revision by the other Inspecting Assistant Commissioner-­Validity---First Inspecting Assistant Commissioner recorded the assessment order as an Assessing Officer which, on challenge, was set aside by the First Appellate Authority---Wealth Tax Officer, after remand framed the order which was sought to be revised by the second Inspecting Assistant Commissioner ---Since after remand the assessment order was passed by the Wealth Tax Officer, the Inspecting Assistant Commissioner had the justification to interfere in exercise of his powers under S.17B of the Wealth Tax Act, 1963 as the original assessment order recorded by an I.A.C. as an Assessing Officer was no more in the field. (c) Wealth Tax Act (XV of 1963)--- ----Ss.5(1)(xii) & 17B---Exemption---Foreign remittances---Evidence of foreign remittances had been lost for which F.I.R. was lodged with Police Station---Remittances were verified by a firm of Chartered Accountants---Such certificate was accepted by the Assessing Officer and exemption was allowed---Inspecting Assistant Commissioner revised the assessment order to the extent of acceptance of claim of foreign remittances and remitted the case to the Assessing Officer for de novo assessment---Validity---Assessing Officer accepted the certificate of a firm of Chartered Accountants which had absolutely nothing to do with the factum as to how and when a particular amount was remitted in foreign exchange…

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