Law: Wealth Tax Act, (XV of 1963)

Section: 5(1)(i),27

Wealth Tax Act (XV of 1963)---S. 27---S.R.O.650(I)/85, dated 1-7-1985---Appeal to High Court---Appellant, during pendency of the proceedings had sought to raise an additional ground/question of law with regard to retrospectivity of S.R.O.650(I)/85, dated 1-7-1985---Validity---Held, admission of a new ground or a question at the present stage was likely to create complication inasmuch as the S.R.O. was in the field when the impugned of the Tribunal was passed, therefore the issue could not be said to have arisen out of the order of the Tribunal or as a natural consequence thereof---S.R.O. in question having the force of law at the relevant time and apparently due to inadvertence on the part of the assessee it was not brought to the knowledge of the Tribunal nor the matter was argued on the basis of concession given by the S.R.O., High Court set aside the order of the Tribunal and remitted the matter to the Tribunal for consideration of the effect of the said S.R.O. for the relevant assessment year as well as all the earlier years involved. Shahtaj Sugar Mills Ltd. through Chief Executive v. G.A. Jahangir and 2 others 2004 PTD 1621; Iftikhar Hussain Alvi C/o Kaghan Ghee Mills (Pvt.) Ltd. v. Income Tax Officer/Dy. Commissioner, Income Tax and others 2003 PTD 812 and Commissioner of Income Tax v. Shahnawaz Ltd. and others 1993 SCMR 73 ref. JUDGMENT NASIM SIKANDAR, J.---In this case on 9-3-2004 we admitted for hearing following three questions of law as proposed by the assessee in this further appeal under section 27 of the late Wealth Tax Act, 1963:-- "(8) Whether on the facts and in the circumstances of the case, the Lahore Chamber of Commerce and Industry is a "charitable institution" and is holding its property under trust or other legal obligation for public purpose of a charitable or religious nature? (9) Whether the' immovable property which is let out and income where from is utilized for charitable purpose, is exempt from tax under section 5(1)(i) of the Wealth Tax Act? (10) Whether on the facts and in circumstances of the case, the Tribunal was correct to hold that immovable property having been leased out by the Chamber is "not held for public purpose of…

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