Law: Wealth Tax Act, (XV of 1963)

Section: 27,8(2)(c)(i),(3)

Wealth Tax Act (XV of 1963)---S. 27---Wealth Tax Rules, 1963, R.8(2)(c)(i) & (3)---Determination of market value of properties for valuation of wealth-tax---Appeal to High Court---Returns filed by assessees were not accepted by Assessing Officer who assessed properties of assessees at their net value which caused grievance to assessees who filed appeals before the Commissioner wherein order was passed in favour of assessees and appeal filed by the Department against said order was dismissed by Appellate Tribunal---Appeal to High Court---Question of law involved in the appeal was whether Appellate Tribunal was justified to hold that at first, market value of the properties was to be determined and then their GALVs and lowest of the two was to be adopted for valuation of wealth tax purposes, whereas no such condition had been laid down in R.8(3) of Wealth Tax Rules, 1963---Held, R.8(3) of Wealth Tax Rules, 1963 had provided a methodology/Scheme as to how values of buildings or of vacant sites were to be assessed for the purpose of wealth tax---Said Rule along with its first Proviso had left nothing in doubt to be debated upon and the view taken by Appellate Tribunal was perfectly in accord with law and Rules---Appellate Tribunal had followed the Rule in its true letter and spirit and had rightly perceived the true intent and object, of law--No provision of law having been violated by the Tribunal, no exception could be taken to its view---Impugned was maintained. (1998) 78 Tax 319 and (1994) 78 Tax 217 rel. JUDGMENT DOST MUHAMMAD KHAN, J.---This judgment shall also decide S.A.O. Nos. 29 of 2002 and 17 to 24 of 2002 because common question of law involved therein. 2. Impugned herein is the judgment/order of the learned Income Tax Appellate Tribunal Camp, Peshawar, dated 18-12-2001 and 21-12-2001 respectively dismissing the department appeal filed against the order of CIT(A) who directed that the GALVs shall be made the basis for assessment of wealth-tax. The following common question of law in all the appeals has been formulated for consideration and determination of this Court:-- "Whether under the facts and circumstances of the case the learned I.TA.T. was…

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