Law: Wealth Tax Act, (XV of 1963)

Section:

Wealth tax----Status of land--Conversion of status of land---Conversion of agricultural land into non-agricultural Sikni--- Residential land---Entries in record of rights/Form VII or Form II---Valuation---Land declared as agricultural land was in the process of conversion into `Sikni' land and it had to be surveyed and demarcated---Assessing Officer, in view of the entries in Form VII of Sindh Revenue Department, observed that the land had been converted into non-agricultural land vide order, dated 18-7-1995 passed by the Mukhtiarkar, Central Karachi and valued the plots at Collector's rate---First Appellate Authority deleted the addition observing that estimated value of agricultural land at Collector's rate was illegal---Validity --- Assessing Officer failed to distinguish the term "Sikni" and "residential"---Revenue Authorities could convert agricultural land into "Sikni" but have no powers to convert the "Sikni" land as "residential", "commercial" or "industrial" ---Entries in record of rights/Form VII or Form II were simply recorded for the purposes of maintaining a record and would not be sufficient to declare or change in the status or nature of land as residential---Payment for conversion of land had been made on 17-7-1997 in the head "outer development charges of land" which showed that till that time process was incomplete--Appellate Tribunal maintained the order of the First Appellate Authority which had deleted the addition made on account of valuation of land at Collector's rate. ORDER S. HASAN IMAM (JUDICIAL MEMBER).---By this order we intend to decide appeals bearing WTA Nos. 553 and 554/KB of 1999-2000 pertaining to assessment years 1996-97 and 1997-98 respectively. 2. The department has taken common objections to the consolidated order passed by the learned CIT(A) directing that the plot of land bearing Survey Nos.201 (Old No.66), Deh Khari Lakhi, North Nazimabad, Karachi measuring 2 acres be treated as agricultural plot. 3. The assessee filed returns of wealth declaring net wealth at Rs.29,19,500 and Rs.18,49,650 respectively and also declared agricultural assets at Rs.15,000 for the above years. In Form AGRW she declared land referred to…

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