Law: Federal Tax Ombudsman Ordinance, 2000

Section: 9

Law: Federal Tax Ombudsman Ordinance, 2000

Section: 9

Law: Wealth Tax Rules, 1963

Section: R.8(3)

Wealth Tax Rules, 1963--R.8(3)---Establishment of Office of Federal Tax Ombudsman Ordinance (XXXV of 2000), S.9---Valuation of land and buildings--­Valuation on the basis of Annual Letting Value---Contention that the value of the plot be excluded from the value of the property adopted on the basis of Gross Annual Letting Value had been considered at length by the Income-tax Appellate Tribunal, which had found that since the building was on rent its maximum value could be adopted at ten time of the Gross Annual Letting Value under the rules and that there was no provision for exclusion of the value of the plot from the value of the property worked out in said manner---Contention was repelled by the Federal Tax Ombudsman---Regarding the plea for adjustment of excess income-tax payment against wealth tax demand, the complaint was advised to make an application to the concerned Assessing Officer, giving relevant particulars, who may then take necessary action if any income tax refund was found actually due to the complainant. 1999 PTD 1060 rel. FINDING/DECISION These are two almost identical complaints filed by a private limited company relating to valuation of property known as Khalid Plaza in its wealth tax assessments for the assessment years 1991-92 to 1996-97. The two complaints are disposed of through these consolidated findings as under:-- C. No. 1456 of 2001 The complaint is rather vague and does not give the full facts. However, the main points as extracted from the complaint are as follows: (i) The Wealth Tax Officer, Circle 2, Companies Zone, Islamabad has passed assessment orders for the wealth tax assessment years­1991-92 to 1996-97 which are bad in law and' contrary to the facts of the case. (ii) The net value of the property, Khalid Plaza, Islamabad has not been correctly assessed because the land on which the building has been constructed does not belong to the complainant company but to one of its Directors, Mr. Khalid Malik. As per history of the case the value of the plot was to be deducted from the value of the property. (iii) The value of the plot has also been assessed in the hands of the Director, Mr. Khalid Malik. (iv) Wealth tax cannot be…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492