Law: Wealth Tax Act, (XV of 1963)

Section: 17,17B,SecondSched.Cl.12(2)

(a) Wealth tax------- Cancellation of assessment---Validity---Cancellation of an assessment cannot be approved if the same was cancelled on the basis of a , which was subsequent to the date of framing of the assessment order. 2000 PTD (Trib.) 2133 ref. (b) Wealth Tax Act (XV of 1963)-------S.17B & Second Sched. Cl. 12(2)----Power of Inspecting Assistant Commissioner to revise Wealth Tax Officer's order---Exemption---Car show room--- Assessment allowing exemption to car show room was cancelled by the Inspecting Assistant Commissioner under S.17B of the Wealth Tax Act, 1963---Validity---Car show room could be equated with the term 'shop' as postulated by Cl. 12(2) of the Second Sched. of the Wealth Tax Act, 1963 for the reason that merchandise which was kept there for sale were cars and people came over there to purchase the same---Not the-size of merchandize which had been offered for sale but was to be seen whether activity of sale/purchase as understood in 'common parlance was conducted at the place in order to determine whether it was to be treated a shop---Places which have been excluded from the definition of shop was motor workshops and nor car show rooms---Order passed under S. 17B of the Wealth Tax Act, 1963 was vacated and flee assessment orders passed by, the Assessing Officer allowing exemption to the assessee was restored by the Tribunal. W.T.As. Nos. 1288,LB, 1437/LB and 1438/LB of 2001 rel. (c) Wealth Tax Act (XV of 1963)--- ----Second Sched., Cl .12(1)---Exemption---House---Department contested the finding of the First Appellate Authority allowing exemption of one self-occupied house in lieu of statutory relief i.e. Rs.10,00,000--­Validity---Finding of First Appellate Authority allowing exemption to the assessee regarding the house on basis of being self-occupied---Tribunal did not call for any interference, since value of the subject property was adopted at Rs.10,00,000 in the preceding assessment year, the Assessing Officer had given no reason for enhancing the value of the property to Rs.12,50,000---Even otherwise, the property was under self-occupation of the assessee and he was entitled to have exemption under the law. ORDER SYED NADEEM…

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