Law: Wealth Tax Act, (XV of 1963)

Section: 16(3),3

Wealth Tax Act (XV of 1963)----S.16(3)---Assessment---Inclusion of value in net wealth of inherited properties under litigation for partition and possession ---Assessee showed only his share in the properties and no value was attached to these properties being belonging to his late father and assessee being not in the possession of the same---Assessing Officer discarded the assessee's stand and added the value to the properties on the ground that the assessee was in joint possession of the properties---Such addition was deleted by the First Appellate Authority with the observation that properties continued to be in the name of the assessee's father and in possession/occupation of his younger brother---Validity---Parties were co-heirs and co-owners of the joint suit properties and were still in its joint possession as co-owners and co-heirs---Even otherwise the legal position was that immediately after ,the death of the father of the assessee the asses had become owner in the inherited property to the extent of his share envisaged in Shariat Law and also retained its constructive possession---Deletion of valuation of the disputed property from the hands of the assessee by First Appellate Authority was uncalled for as he had become joint owner in the legacy of the deceased father---Guideline for valuation of property could be inferred from the value written for the purpose of jurisdiction of the Court---Assessing Officer thus rightly included the share owned by the assessee in the properties left by his father---Findings of First Appellate Authority were vacated and treatment given by Assessing Officer was restored by the Tribunal. (b) Interpretation of statutes--- ---- Plea of hardship and harshness cannot provide justification for ignoring the law as enacted by the Legislature---When a law enacted by the Legislature is very clear then the consideration of hardship and harshness cannot impede the implementation thereof by the Court. ORDER Assessment Years 1986-87 To 1996-97: SHARIQ MAHMOOD (ACCOUNTANT MEMBER).---The consolidated order of the First Appellate Authority CIT(A), Zone-II, Lahore, dated 6-4-1998 in case of assessments framed under section 16(3) of the…

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