Law: Wealth Tax Act, (XV of 1963)

Section: 2(16),17

Law: Income Tax Ordinance, 1979

Section: 91

(a) Wealth tax--- Ownership---Possession---Person can be treated as an owner of a property even though he has no- possession over it provided other incidents of ownership are complete i.e. title etc. (b) Wealth Tax Act (XV of 1963)----Ss. 17 & 2(16)---Wealth escaping assessment---Assessment years 1991-92 to 1995-96---Gold confiscation of ---Compensation--Ownership-­ Value for purpose of assessment---Gold confiscated in 1958 by the Customs Authorities was not declared by the assessee in the wealth tax return---Appellate Authorities decided in favour of assessee in November, 1985 and directed that compensation Q Rs.43.43 per tola be paid in lieu of the gold confiscated from the assessee---High Court in further appeal, directed the Customs Authorities either to return the confiscated gold to the assessee or he should be paid compensation at the fair market value---Supreme Court upheld the order of the High Court---Compensation was paid to assessee in pursuance of High Court order---For the period relevant to assessment years 1991-92 to 1995-96 Assessing Officer, as a compensation receivable by the assessee from Government, assessed the value of gold on the basis of market value--­ First Appellate Authority directed the Assessing Officer to assess the value of gold adopted by the Customs Appellate Authorities @ Rs.43.43 i per tola---Validity---Waith regard to value of gold, the findings recorded by the First Appellate Authority were unexceptionable for the reason that compensation @ Rs.43.43 per tola had already-been offered by the Department and that was the value which would have been paid to the assessee, to settle the dispute with the Department, had he opted for it--­After receipt of the compensation by the assessee in lieu of gold and for the fact that no gold was m existence, it was the amount received by the assessee which was taxable and that too in the assessment year. in which the same was paid to the assessee---Order of the First Appellate Authority was modified by the Tribunal to that extent. 1996 PTD (Trib.) 905; B.D. Avari v. CIT, 1989 PTD 670; Mehran Associate Ltd. v. CIT, Karachi 1993 PTD 69;- (1985) 153 ITR 201; (1983) 144 ITR 304; (1982) 135…

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