Law: Wealth Tax Act, (XV of 1963)

Section: 2,2(16)(ii),2(16)

Wealth Tax Act (XV of 1963)--- ----S.2(16)(ii)---Net wealth---Tax is to be calculated after taking into consideration the `debts owed' by the assessee on the valuation date and incurred in relation to the assets (property) subjected to wealth tax. (b) Question of law--- ---- Where any party challenges the conclusion drawn from a set of facts and circumstances, it is a question of law. (c) Appeal--- ---- Question of law---Question of fact---Point of law can be raised at any stage including the appeal---Question of fact, however, is not permissible to be raised, for the first time in appeal. (d) Wealth Tax Act (XV of 1963)---S. 2(16)---Findings reached by the Wealth Tax Officer, affirmed by Commissioner (Appeals) and the Appellate Tribunal that the adjustment of "loan claimed' against the property was already repaid before the assessment year and other liabilities appearing in the balance sheet had no nexus with the property subjected to wealth tax, were the findings of fact and on that findings no other conclusion was possible under the law except that "liabilities claimed" were not allowable under S. 2(16), Wealth Tax Act, 1962. Messrs Abbot Laboratories Ltd. v. Commissioner of Income Tax, Central Zone, Karachi 1989 PTD 602; Oil India Co. Ltd. v. Commissioner of Income-tax, Central Calcutta (1982) 137 ITR 156; Commissioner of Income-tax v. International (Pvt.) (1982) 137 ITR 184; General Tyre and Rubber Co. v. Commissioner of Income-tax (Civil Reference No.25 of 1'979; I.T.C. No.93 of 1992; Commissioner of Income-tax v. Kotrika Venkataswamy and Sons (1971) 79. SC 449; Commissioner of Sales Tax (Central), Karachi v. Karachi Oils Seed Industries 1987 PTD 64Commissioner of Sales Tax, Lahore v. Suleman &. Company 1980 PTD 188; Orient Road Ways v. Commissioner of Income-tax 2000 PTD 999 = 233 ITR 351; Commissioner of Income-tax v. Banswara Textile Mills Ltd. 2000 PTD 2087 = 235 ITR 743; Commissioner of income-tax v. Gulf Engineering Company 2000 PTD 2227 and Commissioner of Income-tax, Lahore v. Government Jallo Rosin and Turpentine Factory, Lahore PLD 1976 Lah. 1135 = 1976 PTD 206 ref: Province of Punjab v. Federation of Pakistan PLD 1956 FC 72 distinguished.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492