Law: Wealth Tax Act, (XV of 1963)

Section: 2,2(1)(16),35,2(1)(16)

Wealth Tax Act (XV of 1963)---S. 2(1)(16)---Net wealth---Owner---When the assessee has himself asserted "ownership" of a plot of land in the Return of net wealth filed by him and when the law protects the rights of the assessee who holds such property without fear of challenge from the seller or anyone acting under him, there cannot be any doubt as to the assessee being "owner" of such property "under wealth tax law". (b) Wealth Tax Act (XV of 1963)--- ----Ss. 35 & 2(1)(16)---Rectification of mistake---Net wealth---Owner--­Purchase of plot---Execution of agreement to sell---Full payment was made---No mutation of such plot in the name of assessee---Assessee declared such plot in his wealth tax return---Appellate Tribunal found that assessee was "owner" of such plot and value of such plot shall be included in the net wealth of the assessee according to rate schedule notified by the District Collector---Miscellaneous application for rectification-- Validity-Plot of land was specifically declared by the assessee in his Wealth Tax Return as his asset---Specific value had been attached to the said assets by the assessee in the return and the asset had been included in the assessee's net wealth---Assessee was admittedly in possession of plot and had made full payment to the seller and formal agreement to sell had been executed and registered, the assessee was indeed the "owner" of the plot "under wealth tax law" as the term "owner" had a' broader connotation than that ordinarily attached--­Application was found to be devoid of any merit and was rejected by the Appellate Tribunal. PLD 1964'SC 456; 1 ITC 140 and W.T.A. No. 1123/LB of 2000 rel. ORDER MUHAMMAD MUNIR QURESHI (ACCOUNTANT MEMBER).---This miscellaneous application by an individual is for recall of Tribunals' order bearing W.T.A. No. 1276/LB of 2002 (Assessment Year 2000-2001), dated 15-6-2003. 2. As per applicant, the judgment as passed by the Tribunal is in conflict with the judgment allegedly announced in Court on 13-8-2003 when, as per affidavit filed by the assessee, the Tribunal had, statedly rejected the Departmental appeal. Further, according to the applicant, the afore-cited order of the Tribunal…

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