| Case ID |
15269a6b-65c3-4210-9c63-5684a1ab5cf5 |
| Body |
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| Case Number |
W. T. A. No. 5(KB) of 1980-81 |
| Decision Date |
Jun 02, 1981 |
| Hearing Date |
May 12, 1981 |
| Decision |
The tribunal upheld the value of the self-occupied property at Rs. 90,000 as declared by the respondent, in accordance with the binding instructions from the Central Board of Revenue. The Wealth Tax Officer's valuation of Rs. 3 lakh was rejected, as the property had never been let out. Furthermore, the tribunal found the Wealth Tax Officer's methods for determining Gross Annual Letting Value, including the consideration of security deposits, justified. The valuation of jewellery was restored to the Wealth Tax Officer's assessment of Rs. 1,48,830, vacating the learned A. A. C.'s order. The tribunal emphasized that the valuation methods adopted were fair and in line with existing regulations. |
| Summary |
This case revolves around the valuation of properties under the Wealth Tax Act, specifically focusing on the implications of self-occupied property and the correct methodologies for assessing Gross Annual Letting Value. The Income Tax Appellate Tribunal's decision confirms the importance of adhering to guidelines set by the Central Board of Revenue, ensuring that taxpayers are treated fairly. The tribunal's ruling clarifies the valuation processes for both residential and commercial properties, emphasizing the relevance of security deposits in determining rental values. Additionally, the case highlights the appropriate standards for assessing jewellery valuation in wealth tax considerations. This case serves as a significant reference for legal practitioners and taxpayers navigating wealth tax assessments and property valuations. |
| Court |
Income Tax Appellate Tribunal, Karachi
|
| Entities Involved |
K. C. Co. Ltd.,
A: .S. L.
|
| Judges |
MUHAMMAD MAZHAR ALI (PRESIDENT),
GHULAM MURTAZA KHAN (MEMBER)
|
| Lawyers |
I. N. P.
|
| Petitioners |
Not available
|
| Respondents |
Director in K. C. Co. Ltd.
|
| Citations |
1983 SLD 280,
1983 PTD 327,
(1983) 48 TAX 37
|
| Other Citations |
Not available
|
| Laws Involved |
Wealth Tax Act, (XV of 1963)
|
| Sections |
7
|