Law: Wealth Tax Act, (XV of 1963)

Section: 2,2(16),16(3),17B

Wealth Tax Act (XV of 1963)---Ss. 2(16), 16(3) & 17B---Wealth Tax Rules, 1963, R. 8(3)---Transfer of Property Act (IV of 1882), S. 53-A---Net wealth---" Belonging"--­"Ownership"---"Possession"---Value of plot was declared in accordance with the "agreement of sale" registered with the Sub-Registrar--­Assessing Officer assessed the same in accordance with the District Collector rates ---Assessee contended that no sale-deed for plot had been executed and title had not yet passed to him and he was not liable to be treated as "owner" of the plot---Amount paid for the purchase of the plot was liable to be assessed as "advance"---Validity---Seller of the plot of land having received full payment and having handed over the possession to the purchaser in the presence of a formal document viz. agreement to sell, registered---Neither the seller could curtail in any manner, the rights of the purchaser in the said property nor anyone claiming title to the said plot under the seller could alter the rights of the purchaser of his disadvantage ---Assessee was "owners" of the said plot of land for all practical purposes and for purposes of levy of wealth tax under the Wealth Tax Act, 1963---Assessee had admittedly made full payment and there was no advance payment involved at all---Plot in question had been declared by the assessee as part of his immovable property assessee, therefore, could not approbate and reprobate in the same breath ---Assessee had made full payment to the seller pursuant to agreement of sale and was in full possession of such plot on the valuation date ---Assessee was required to be treated as "owner of plot" in circumstances---First Appellate Authority was misconceived in its view that assessee was not the rightful "owner" of the plot---Order of First Appellate Authority was vacated by the Appellate Tribunal and that of Assessing Officer was restored. W.T.As. Nos. 124 - 126/LB of 2002 per incurium. PLD 1964 SC 456; Burma Railway Co. v. Secretary of State 1 ITC 140 (Burma); W.T.As. Nos. 662-666/LB of 2001; W.T.A. No. 1123/LB of 2000; W.T.As. Nos. 136 to 140/LB of 2003 and Inayat Ullah and others v. Shah Muhammad and others PLD 1961 (W.P) Lah. 372 rel.…

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