Law: Wealth Tax Act, (XV of 1963)

Section: SecondSched

Wealth Tax Act (XV of 1963)---Second Sched., Part 1, Cl. (7(ii))---Exemption---Assets were created from foreign remittance---Claim of exemption by the legal heirs on the death of the owner of such assets---Validity---Exemption was not an inherent right and law very clearly provides for exemption to the person who himself had "created:" the asset from foreign remittance--­Exemption cl. 7(ii) of Part-I of the Second Sched. of the Wealth Tax Act, 1963 had laid emphasis on the word "created" and assessee had not created the asset but inherited tire same ---Property was not exempt in circumstances. ORDER KHAWAJA FAROOQ SAEED (JUDICIAL MEMBER).---This appeal has been filed by the assessee. The solitary claim is that the assessee has inherited some movable assets in the shape of shares, which have been charged to tax by the Department in the hands of this assessee. The learned A.R. says with full vehemence that the assets having been created by the father of the assessee from foreign remittance were exempt in his hands and after his death in the hands of his legal heir, in this case his son i.e. this assessee. In his opinion the exemption was also an inherent right attached to said property and the same would fall on the heir automatically alongwith the said property. We respectfully disagree with the contention of learned A.R. The exemption is not an inherent right and the law very clearly provides for exemption to the person who…

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