Law: Finance Act, 1989

Section: 7,8

Law: Wealth Tax Act, (XV of 1963)

Section: 30

(a) Finance Act (V of 1989)--S.7---C.B.R. Circular No. 9 of 1997 dated 24-7-1997---Levy of tax on capital value of certain assets---Hearing and decision by First Appellate Authority in respect of Capital Value Tax assessment---Department contended that Capital Value Tax assessment was not appealable in the light of Central Board of Revenue Circular No.9 of 1997 where it had been provided that only revision petition could be tiled before the Commissioner of Wealth Tax and hearing of appeal and decision thereon by the First Appellate Authority was without jurisdiction and was void in the eyes of law---Validity---Through Circular No.9 of 1997 dated 24-7-1997 regarding explanation of provision relating to Capital Value Tax in Para. V, it had been specifically provided that "as there was no legal recourse to the wrong charge of Capital Value Tax, such Capital Value Tax payers had now been provided the right to file revision petition to the Commissioner of Wealth Tax"---Order of the First Appellate Authority was treated to be the decision made on the revision petition filed by the assessee---Department had no right to file appeal before the Appellate Tribunal, as in the Circular, only the assessee had been provided with the right to file revision petition before the Commissioner which he had decided in favour of the assessee. (b) Finance Act (V of 1989)--- ----S.7---Capital Value Tax Recovery and Refund Rules, 1990, R.8(2)---Wealth Tax Act (XV of 1963), S.30---Transfer of Property Act (IV of 1882), Preamble---C.B.R. Circular No.9 of 1997, dated 24-7-1997---C.B.R. Circular No.16 of 1992, dated 1-7-1992---C.B.R. Circular No.5 of 1996, dated.l-7-1996---Levy of tax on Capital Value of certain assets---Purchase of agricultural land through registered deed dated 5-3-1997---Order regarding amount of Capital Value Tax was passed against legal heirs of the assessee, which had been deleted by the First Appellate Authority without any justification---Assessee contended that land was transferred in the name of late assessee on 15-12-1973 through a registered document---Possession of land was delivered to the late assessee fulfilling all conditions as specified in the Transfer of…

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