Law: Wealth Tax Act, (XV of 1963)

Section: 14,14B,14(1)(c),16(5)

Wealth Tax Act (XV of 1963)---Ss. 14B, 14(1)(c) & 16(5)---S.R.O. No. 1208(I)/95, dated 23-10-1996---C.B.R. Letter C. No.(12)WT/96, dated 30-7-1996--­C.B.R. Circular No.1(15)WT/96, dated 14-12-1996---Wealth Tax Rules, 1963, R.3---Minimum Wealth Tax---Return of Net Wealth was filed on prescribed Form-A for assessment year 1996-97 as on 3-9-1996 relevant to valuation, dated 30-6-1996---Assessment framed under S.16 of the Wealth Tax Act, 1963 was annulled by the First Appellate Authority on the ground that assessee had not filed his wealth tax return prior to 1996-97 and, as such was covered under S.14B of the Wealth Tax Act, 1963---Validity---Assessee was obliged to follow the rule for availing the provisions of S.14B of the Wealth Tax Act, 1963 and file a return in the prescribed Form AA and not Form A---Return filed by the assessee on 30-9-1996 could not be treated as a return in respect of assets covered under S. 14B of the Wealth Tax Act, 1963 as the same did not show that it was a return under S. 14B of the Wealth Tax Act, 1963---Mere mention of tax payable under S. 14B of the Wealth Tax Act, 1963 did not render the return on Form-A as a return valid for purposes of S.14B of the Wealth Tax Act, 1963---Order of the First Appellate Authority in treating the assessee as covered under S.14B of the Wealth Tax Act, 1963 was misdirected and unsustainable in law--­Appellate Tribunal vacated the order of the First Appellate Authority and upheld that of the Assessing Officer---Order under S.16(5) of the Wealth Tax Act, 1963 having been framed in disregard to R.8(3) of the Wealth Tax Rules, 1963 case was remanded for a denovo assessment keeping in view the sub-rule (2) & (3) of R. 8 of the Wealth Tax Act, 1963. ORDER SYED AQEEL ZAFAR UL HASAN (ACCOUNTANT MEMBER).---This departmental appeal against the order of the Commissioner of Wealth Tax (Appeals), Islamabad agitates against the annulment made by the Commissioner on the ground that the assessee was covered by section 14B of the Wealth Tax Act, 1963 (hereinafter called the Act) and, as such, an ex parte assessment under section 16(5) of the Act was not sustainable. 2. Brief facts of the case are that the…

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