Law: Wealth Tax Act, (XV of 1963)

Section: 17(1)(a),16(3),35

Law: Wealth Tax Rules, 1963

Section: 8(2)(11)

Wealth Tax Act (XV of 1963)----Ss.17(1)(a), 16(3) & 35---Wealth Tax Rules, 1963, R.8(2)(ii)--­Wealth escaping assessment---Assessment---Rectification of mistake--­Valuation of shares--Break up value---Assessing Officer accepted the face value of shares while passing order under S.16(3) of the Wealth Tax Act, 1963---Order passed under S.16(3) of the Wealth Tax Act, 1963 was rectified under S.35 of the Wealth Tax Act, 1963 which adopted the break up value of such shares which was worked out by including the surplus on revaluation of assets instead of earlier acceptance of the declared face value and the same was hit by limitation in First Appeal--­Assessing Officer, at such juncture resorted to action under S.17(1)(a) of the Wealth Tax Act, 1963 and adopted the same break up value after confrontation---Validity---Order of the Appellate Authority was vacated by the Appellate Tribunal which annulled the proceedings initiated by issuance of notice under S.17(1)(a) of the Wealth Tax Act, 1963 and also annulled the assessment framed under Ss.16(3)/17(1)(a) of the Wealth Tax Act, 1963 which was blatantly in violation of law and as a result the existing order under S.16(3) of the Wealth Tax Act, 1963 was restored due to the reasons that there was neither any failure, or omission on the part of the assessee to make return of his net wealth nor he failed to disclose fully and truly the material facts necessary for his assessment, also there was nothing which could mean escaped assessment for charging the Wealth Tax, whereby there could be under assessment or assessment at too low a rate, that no new information had come on surface impelling the Assessing Officer to initiate proceedings under S.17(1)(a) of the Income Tax Ordinance, 1979 so as to reopen the finalized assessment under S.16(3) passed after conscious application of mind on the available facts on record; that the provisions like S.17(1)(a) of the Income Tax Ordinance, 1979 were not available to cover the negligence of the Department for not properly following the law while framing the assessment; that the Assessing Officer unlawfully extended his authority by assuming jurisdiction under S.17(1)(a) of the…

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