Law: Wealth Tax Act, (XV of 1963)

Section: 2(10)

Law: Finance Act, 1991

Section: 12(2),(12)

Finance Act (XII of 1991)---S. 12(2) & (12)---Wealth Tax Act (XV of 1963), S.2(10)---Corporate Assets Tax---Non-filing of return ---Assessment---Jurisdiction--­Assessment was finalized by the Panel rather than Deputy Commissioner---Validity---Section 12(12) of the Finance Act, 1991 caters for definition of different words including the words `Deputy Commissioner' which provides "Deputy Commissioner has the same meaning as in the Wealth Tax Act, 1963" which brings to the definition provided in Wealth Tax Act, 1963---Section 2(10) of the Wealth Tax Act, 1963 states that Deputy Commissioner means a person appointed to act as a Deputy Commissioner of Wealth Tax, a Wealth Tax Officer, a Special Officer and a Tax Recovery Officer---Definition of Deputy Commissioner does not include or even refers to the word Panel--­Jurisdiction assigned to the Income Tax Panel was with regard to income tax cases---Assessment framed by the Panel was without jurisdiction and void ab initio. (b) Finance Act (XII of 1991)--- ----S. 12(2)---Wealth Tax Act (XV of 1963), S. 17-A---Income Tax Ordinance (XXXI of 1979), S.156---Corporate Assets Tax ---Limitation-­Assessment---Last date for filing of return was 30-6-1992 while the department issued show-cause notice directing the assessee to file return on 24-11-2001---Validity---Mistake committed by the department could be rectified under S. 156 of the Income Tax Ordinance, 1979 within four years---Assessment framed being time-barred was cancelled by the Appellate Tribunal being without jurisdiction as well as time-barred. I.T.A. No. 1872/LB of 1997 rel. I.T.A. No. 1338/LB of 2000 and W.T.A. No.2175/LB of 2000 ref. ORDER SYED NADEEM SAQLAIN (JUDICIAL MEMBER).--­Through the titled appeal relating to the assessment year, 1992-93, the assessee/appellant has come up in appeal assailing the impugned order, dated 27-2-2003 passed by the learned CWT(A) Zone III, Lahore. The appellant has contested the impugned findings on the basis of lack of jurisdiction by the Assessing Authority as well as the impugned assessment being hit by limitation. 2. The facts in brief are that no suo motu return was filed in terms of section 12(2) of the Finance Act,…

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