Law: Wealth Tax Act, (XV of 1963)

Section: 31B,31B(1)(b),35,16,2(21),proviso

(a) Wealth Tax Act (XV of 1963)---Ss. 31-B, 35, 16 & 2(21)---Additional tax ---Assessment--­Rectification---Assessment was rectified under S.35 of the Wealth Tax Act, 1963 enhancing the liability of tax and charging---Additional tax-­Assessee contended that additional tax under S.31B(1)(b) of the Wealth Tax Act, 1963 could only be charged through an order passed under S.16 of the Wealth Tax Act, 1963 and not through the order passed under S.35 of the Wealth Tax Act, 1963---Validity---Assessment framed under S.16(3) of the Wealth Tax Act, 1963 was rectified under S.35 of the Wealth Tax Act, 1963---Liability of tax was also to be re-determined as consequence of change made in the assessment through order of rectification---Assessee was liable to pay additional tax under S.31B alongwith the demand of wealth tax determined on the basis of amended assessment of wealth tax. (b) Wealth Tax Act (XV of 1963)--- ----S. 31-B, proviso---Proviso, added to S.31-B, Wealth Tax Act, 1963, by Finance Act, 1998---Retrospective effect---Amendment brought through the insertion of the proviso to S.31-B(1)(b) of the Wealth Tax Act, 1963, though being a part of substantial law yet was effective retrospectively in the case of pending assessment being remedial in nature. CIT v. Shahnawaz Limited and others 1993 SCMR 73 rel. (c) Wealth Tax Act (XV of 1963)---- ----S. 31-B, proviso---Additional tax---Calculation---Additional tax should not be charged for a period more than the period mentioned in the proviso added to S.31-B(1)(b) of the Wealth Tax Act, 1963 through Finance Act, 1998. CIT v. Shahnawaz Limited and others 1993 SCMR 73 rel. ORDER KHALID WAHEED AHMED (JUDICIAL MEMBER).---This consolidated order will dispose of all the above titled Stay Petitions as well as the wealth tax appeals. 2. W.T.As. Nos. 1253 to 1257/LB of 2001 pertaining to the assess­ment years 1990-91 to 1994-95 impugn the combined Order Nos. 5229 to 5233, dated 31-3-2001 on the common grounds for all the years under appeal that the additional tax charged is illegal, harsh and excessive. 3. Relevant facts of the case under consideration are that the assessee declared his 1/8th share in the Property No.…

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