1997 PLP (Trib (PTD)
N/A
| Citation | 1997 PLP (Trib (PTD) |
| Forum / Court | Income-tax Appellate Tribunal Pakistan |
| Bench Members | Muhammad Tauqir Afzal Malik, Judicial Member and |
| Parties | N/A |
| Primary Law | Wealth Tax Act (XV of 1963) |
Q1: What are the key laws and sections cited in 1997 PLP (Trib (PTD)?
This judgment primarily cites: Wealth Tax Act (XV of 1963) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1997 PLP (Trib (PTD)?
The case was heard and decided by the Income-tax Appellate Tribunal Pakistan bench comprising: Muhammad Tauqir Afzal Malik, Judicial Member and.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1997 PLP (Trib (PTD) (N/A). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Sohail Babri, I.T.P. for Appellant.
- Nemo for Respondent.
- Date of hearing: 10th January, 1996.
Headnotes / Summary
S.4(3)
Valuation of property was adopted against history of case-- Valuation was not based in accordance with provisions of Wealth Tax Act-- Lower Authorities had not applied mind to determine gross annual rental value of property nor based valuation on comparable properties in locality-- Tribunal determined valuation, keeping in view value of property of co-owners and that of contiguous property holding that there was no reason to discriminate against appellant
Valuation was reduced accordingly.
Judgment & Decree
3. Arguments advanced by the learned AR of the appellant have been bound to be convincing. Record of the case has also been referred to Valuations determined by the lower authorities is modified as under for the reasons laid out in the case of each property separately. 4. 2 MARLA BUILDING AT COOPER ROAD, LAHORE The assessee appellant is a joint owner of this property and his 2 Marlas building represents 1/4 share of the property. Its value was declared at Rs.2,82,800 which was assessed at Rs.11,00,000 by the Wealth Tax Officer. The learned AAC reduced the value to Rs.6,00,000 in view of the value adopted at Rs.5,00,000 in the assessment year 1988-89. It was pointed out that the value of this property in the case of other co-owner existing at GIR No. 1540/III had been determined at Rs.5,40,000 by the Wealth Tax Officer vide order dated 15-4-1991., It would therefore, be fair to adopt the value of this property in the case of the appellant also at Rs.5,40,000. 5. 1/4 SHARE IN BUILDING AT LAWRENCE ROAD LAHORE. Value of 1/4 share in this property was declared at Rs.1,75,000 which was estimated at Rs.15,00,000 in assessment and reduced to Rs.6,00,000 by the AAC. In the Assessment year 1988-89 its value was assessed at Rs.4,00,000 against which no appeal appears to have been filed. Value of this property has been adopted in the case of another co-owner existing at GIR No.524/C1 and holding 50% share vide order of the Wealth Tax Officer dated 18-4-1990 at Rs.5,70,
000. Its value was adopted at Rs.4,00,000 in the assessment year 1988-89 but it was vehemently argued that the value of this property should be determined at the same level as in the case of the co-owner. There is no reason to discriminate against the appellant when a lower valuation has been considered to be fair in the case of the co-owner. It is, therefore, directed that the value of this property should be adopted at Rs.2,85,000. 6. 2 KANALS 4 MARLAS PLOT AND 2 KANALS PLOT AT NIAZ BAIG LAHORE The appellant had declared the value of the plots at Rs.16,000 and Rs.12,000 which was assessed at Rs.8,10,000 and Rs,6,00,000 by the Wealth Tax Officer and reduced to Rs.7,00,000 and Rs.5,00,000 at the stage of first appeal. It was argued by the appellant that the value in respect of the adjoining property has been adopted at Rs.6,00,000 for a plot measuring 13.5 Kanals in the case of GIR No.1540/3 and GIR No.2040/3 vide order dated 15-4-1991. The plots referred to are contiguous to the appellant's plot. In view of the evidence adduced by the appellant the value of two Kanals 14 Marlas plot is fixed at Rs.1,30,000 and that of two Kanals plot at Rs.89,000.
7. The appeal succeeds as stated above. C.M.S./251/Trib Order accordingly.