Law: Wealth Tax Rules, 1963

Section: 8

Wealth Tax Rules, 1963--R. 8(3)---Constitution of Pakistan (1973), Art.185(3)---Value of building or vacant plot, determination of---Methodology---Appellate Tribunal's view was that such assessment would be made with due regard to nature and size of property, amenities available and price prevailing for similar property in same locality or in neighbourhood of same locality---Revenue alleged such view of the Tribunal was contrary to provisions of R.8(3) of Wealth Tax Rules, 1963 as exception to such Rule was provided in Provisos 1 and 2 of Wealth Tax Rules, 1963---Supreme Court granted leave to appeal to consider such points raised by Revenue. 1999 PTD (Trib.) 394 ref. ORDER IFTIKHAR MUHAMMAD CHAUDHRY, C.J.--- The petitioner has prayed for leave to appeal against judgment 23rd December, 2003, of the Peshawar High Court, Peshawar. 2. Relevant para. therefrom is reproduced below: "We have gone through the relevant provision. Rule 8(3) provides a methodology/scheme as to how buildings or vacant sites are to be assessed for the purpose of wealth tax. The plain reading of the said rule along with first proviso leave nothing in doubt to be debated upon and the view taken by the L.I.T.A.T. is perfectly in accord with law and rules. It has followed the same in its true letter and spirit and has rightly perceived the true intent and object of the law. As no provision of law has been violated by the L.I.T.A.T. (Peshawar Camp), therefore, after due consideration of all the facts and after reading the provision of law we are of the firm view that no exception can be taken to the view taken by the' L.I.T.A.T. thus, the question is answered in the affirmative and the impugned judgment is maintained. All these appeals are accordingly dismissed." A perusal of the above paragraph indicates that learned High Court had relied upon a judgment of Income Tax Appellate Tribunal, decided by it in 1999 PTD (Trib.) 394, according to which following guide-lines have been provided for assessment of value of immovable property: . (i) The first important and necessary step is to determine the market value of property, whether it is an open plot or a…

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