Law: Wealth Tax Act, (XV of 1963)

Section: 2(m),3,17

(a) Wealth tax--- ---- Property---Title, divestment of---Effect---If a person had already been divested of his title in the property, the property could not be considered to be belonging to him. (b) Wealth Tax Act (XV of 1963)-----Ss. 3, 2(m) & 17---Charge of wealth tax---Net wealth---Wealth escaping assessment ---Property/land of the assessee was acquired by the Development Authority and assessee was promised exemption of 30% of the acquired land which was supposed to be allotted to the assessee--­Assessee did not disclose the same in wealth tax return---Department added the value of the exempt share of land in the net wealth of the assessee--- Validity---Assessee was not owner of the land acquired by the Authority for wealth tax purposes, hence the Assessing Officer misdirected himself while treating the property acquired by the Authority as a part of wealth of the assessee---After acquisition of land by the Authority, the property in question did not belong to the assessee and the same was not chargeable to wealth tax under S.3 of the Wealth Tax Act, 1963---Appellate Tribunal rejected the appeal of the Department. (1985) 155 ITR 277 and W.T.A. No.363/LB of 1995 ref. 1996 PTD (Trib.) 905 and 1997 PTD (Trib.) 1034 rel. ORDER SYED NADEEM SAQLAIN (JUDICIAL MEMBER). ---Titled wealth tax appeals for the assessment years 1994-95 to 1997-98 have been directed against the combined impugned order, dated 15-5-2000 passed by the learned AAC, Appeal Range, Lahore. The ground which has been agitated by the revenue is that the learned First Appellate Authority was not justified to accept the declared value of the property by the assessee. Since in all the appeals common question of law and fact are involved, we intend to dispose of the same by this consolidated order. 2. Briefly stated the facts of the case are that the original wealth tax assessments were completed under section 16(3) of the Wealth Tax Act, 1963 (hereinafter calls as Act) at the net wealth of Rs.17,81,811 Rs.19,31,811, Rs.18,31,811 and Rs.20,55,811 respectively for the years under appeal. It was also noticed by the Assessing Officer that the 'assessee has paid a sum of Rs.2,55,811 towards development…

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