Law: Wealth Tax Act, (XV of 1963)

Section: 16(3),35,SecondSched.,Cl.12(2)

(a) Wealth Tax Act (XV of 1963)-------S.35 & Second Sched., Cl.12(2) S.R.O. 595(I)/96, dated 7 9 1996--Rectification of mistakes Exemption Factory/ manufacturing unit as well as sale point Exemption allowed while passing order under S.16(3) of the Wealth Tax Act; 1963 was disallowed by rectification of the said order under S.35 of the Wealth Tax Act, 1963, on the report of Audit and Inspection Authority Validity Cursory perusal of the contents of show cause notice issued showed that the Assessing Officer did not apply his mind but only relied upon the discrepancies pointed out by the audit party Only issue' which was highlighted by the audit party was with regard to exemption allowed by the Assessing Officer and no other defects were pointed by the Assessing Officer which meant that the proceedings under S.35 of the Wealth Tax Act, 1963 were solely initiated on the . behest of recommendations of the audit party ¬Admittedly, the Assessing Officer did not apply his own mind but rather blindly relied upon the report of the Audit and Inspection Authority which was disapproved by the Tribunal Assessing Officer relied upon the report of the Audit and Inspection Authority while invoking S.35 of the Wealth Tax Act, 1963, in order to initiate rectification proceedings, which was not warranted under S.35 of the Wealth 'fax Act, 1963 Appeal of the department was rejected by the Tribunal. 1992 PTD 570 = 1992 SCMR 687 rel. (b) Wealth Tax Act (XV of 1963) S.16(3) Assessment Assessment prior to fixed date Effect Cancellation of assessment by the First Appellate Authority passed on a date prior to the date for which the case was adjourned and without giving an opportunity of being heard was upheld by the Tribunal being illegal. 2001 PTD (Trib.) 3810 and I.T.As. Nos.4662 and 4663/LB of 1991 92 rel. ORDER SYED NADEEM SAQLAIN (JUDICIAL MEMBER). The revenue has come up in. appeal assailing the impugned order dated 15 5 2000, passed by the learned IAC, Appeal. Cancellation of the order passed under section 35 of the Wealth Tax Act, 1963 (hereinafter called as Act) by the learned First Appellate Authority has been contested by the Department. 2. The facts of the case leading to…

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