Law: Wealth Tax Rules, 1963

Section: R-88(3)

Wealth Tax Rules, 1963-----R. 8(3)-Evaluation of constructed property---Constructed property could not be evaluated with separate value of cost of construction and land; it was to be evaluated as per R. 8(3) of Wealth Tax Rules, 1963. 1992 SCMR 2352; 1999 PTD (Trib.) 2283 and 1992 SCMR 60 ref. ORDER These are six miscellaneous applications filed by the assessee to implead an additional ground which is as follows:-- "That the separate valuations of cost of construction and land for the purpose of assigning value to the constructed properties at truck stand, Brandreth Road and Railway Road, are illegal and beyond the valuation rules as provided under the Wealth Tax Rules, 1963." 2. It has further been contended that the above-said additional ground of appeal does not need verification of facts and is pure legal which goes to the very root of assumption of jurisdiction to value a constructed properly. It has, therefore, been prayed that permission may please be allowed to raise and argue that above additional ground as well. 3. The D.R. was also given a copy of the above additional ground. The DR has candidly conceded that this is a pure legal ground and as per ruling of this Tribunal, the petitioners may be permitted to argue on this ground also. 4. For the charge years 1993-94 to 1998-99 the assessee is in appeal on the ground that the officer below have no lawful justification in rejecting the claimed exemption of business place situate at Truck Stand, Ravi Road, Lahore. 5. That partial relief allowed by way of reducing the cost of construction from Rs.250 per sq. ft. to Rs.175 per sq. ft, is still inadequate. 6. That there was no lawful justification in confirming the valuation of property situate at 60 Brandreth Road, Lahore. 7. That without prejudice to the above the reduction of cost of construction from Rs.250 to Rs. 175 per sq. ft. is still inadequate. 8. That confirmation of impugned valuation of property situate at 72-Railway Road, Lahore is without lawful authority. 9. That the First Appellate Authority has failed to pass a speaking order incorporating therein all the grounds raised before her inasmuch as no finding has been given in respect of…

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