Law: Wealth Tax Act, (XV of 1963)

Section: 27

Law: Wealth Tax Rules, 1963

Section: 8(3),8(4)

ORDER NASIM SIKANDAR, J.-This further appeal under section 27 of the late Wealth Tax Act, 1963 is directed against the order of a Division Bench of the Income Tax Appellate Tribunal, Lahore, dated 21-12-2002. Following questions of law are claimed to have arisen out of the impugned order of the Tribunal:- (i) Whether on the facts and in the circumstances the Tribunal has failed to pass a speaking order? (ii) Whether on the facts in the circumstances of the case learned Tribunal has failed to record its reasoning while confirming the order of the lower appellate forum? (iii) Whether on the facts in the circumstances of the case learned Tribunal was under legal and statutory duty to record reasons of its own while dismissing the appeal? (iv) Whether on the facts in the circumstances of the case learned Tribunal has failed to apply its mind while concurring with the conclusion drawn by the first appeal authority? (v) Whether on the facts in the circumstances of the case learned Tribunal has misdirected itself in confirming the order of first appellate authority without recording any reasoning? (vi) Whether an appeal can be dismissed summarily rejected without application of mind? (vii) Whether on the facts in the circumstances the learned Tribunal was right in ignoring the provisions of Rule 8(4) of the Wealth Tax Act while determining value of properties under mortgage? 2. The assessee an individual filed his wealth tax return relevant to the assessment year 1999-2000 declaring (minus) net wealth at Rs.3,18,17,245. In the statement so filed one residential house at Mela Ram, Lahore and a commercial property known as Al-Minar Market, Lahore measuring 15 Marias and 150 sq. ft. were declared at Rs.15,00,000 and Rs.2,15,000 respectively. The Assessing Officer rejected the claim of the petitioner that both properties being mortgaged with financial institutions needed to be evaluated in accordance with sub-rule (4) of rule 8 of the late Wealth Tax Rule, 1963. Therefore, the claimed liability in respect of these properties at Rs. 3,87,000 was disallowed. Thereafter he proceeded to assess these properties respectively at Rs.75,00,000 and Rs.4,00,00,000. The assessee…

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