Law: Wealth Tax Act, (XV of 1963)

Section: 2(m)(iii),2(d)(2)(16),2(4),2(5)(ii),(2)( e)(ii),3

Law: Registration Act, 1908

Section: 17(1)(b)&17(2)(v)

Law: Wealth Tax Rules, 1963

Section: 8(3)

Law: Qanun-e-Shahadat (10 of 1984)

Section: 85(5)

Wealth Tax Act (XV of 1963)----Ss.2(m)(iii), 2(d) (2)(16) & 2(4)---Qanun-e-Shahadat (10 of 1984), Art. 85(5)---Registration Act (XVI of 1908), Ss.17(1)(b) & 17(2)(v)--­C.B.R. Letter C. No. 1568-5 (W.T.)/80, dated 22-9-1980---Net wealth-Status, determination of---Arbitration award made rule of the Court--­Joint properties---Bifurcation through agreement in ascertainable shares---Some of the properties were rented out jointly ---Assessees filed their returns in individual status---Department assessed such property by assigning status of Association of Persons---Validity---Arbitration award had been accepted by all the parties and the same was not objected to even by the Department and after it was made rule of the Court, the separate ownership was established---Department itself having assessed it in the names of such owners in income-tax as well as in wealth tax, was estopped from challenging its title --Award, however, did not determine or ascertain the specific properties hence a further agreement in consequence thereof was made which had determined as to who was owner of what---Separate 'independent units had been registered accordingly in the Excise and Property Tax Department and were statedly being charged to property tax respectively---Agreement had only ascertained file shares of which the individuals were already owners by way of Arbitration and rule of the Court and did not require any further registration or another decree from the Court ---Assessee had still continued with some joint agreements in respect of certain assets in which agreements earlier jointly signed still existed in some of the relevant assessment years---Though in the agreement such properties had been specifically assigned to individuals still assessee's action of not having a new agreement proved that they wished to retain its status as Association of Persons---Having become a separate owner a new notice as per law by the incumbents and subsequent renewal of agreement in individual status could have settled the issue---Continuation of agreement with the tenants gave a genuine impression that such part of the property even after partition was not separately identifiable or…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492