Law: Stamp Act, of 1899

Section: 27A

Law: Wealth Tax Rules, 1963

Section: 8(3)

Wealth Tax Act (XV of 1963)---S.27---Appeal to High Court---Question as framed could not be said to have arisen out of the order of the Tribunal inasmuch as it was never contended or argued before the Tribunal---High Court rejected the appeal. (b) Wealth Tax Rules, 1963--- ----R.8(3)---Wealth Tax Act (XV of 1963), S.27---C.B.R. Circular No.7 of 1994, dated 10-7-1994---Valuation of assets---Land and building-­Assessees had filed their wealth tax returns indicating different values for the movable properties owned by them---Assessing Officer, after discarding the declared value of residential houses or commercial properties, proceeded to determine their value by clubbing the cost of construction and the value of land as determined by the District Collector under S. 27-A, Stamp Act, 1899---Validity---Only method provided by law in such cases was R.8(3), Wealth Tax Rules, 1963---Separate valuation of cost of construction and land for the purpose of assigning of value to a property could not be made---C.B.R Circular No.7 of 1994, dated 10-7-1994 could not hold good as against R.8(3), Wealth Tax Rules, 1963---Term and expression "GALV" as defined in explanation to R.8(3), Wealth Tax Rules, 1963 by itself implied that it was not necessary for a building or property to have actually been let out for the purpose of "GALV" rule---Said Explanation defined "Gross Annual Rental Value" to be the one for which the property might reasonably be expected to be let from time to time---Definition had itself indicated that "GALV" was only a notional value on which a property could reasonably be expected to be let from year to year---Actual renting out of property for the purpose of application of R.8(3), therefore, was not required at all. K. T. Kuruvilla v. District Valuation Officer and another 2001 PTD 848 distinguished. JUDGMENT NASIM SIKANDAR, J.---Through this single judgment we intend to dispose of Departmental Wealth Tax Appeals Nos. 274, 305, 306; 307, 308, 309, 310, 311, 312, 313, 314, 315, 316, 318, 319, 320, 321, 322, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332, 333 334, 335, 336, 337, 338, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 44, 45, 289; 290, 291, 4, 243 of…

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