| Case ID |
379ac8d3-ea50-4c89-b7aa-2e0b55e1508e |
| Body |
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| Case Number |
P.T.R. No 45 of 1988 |
| Decision Date |
Jan 24, 1989 |
| Hearing Date |
|
| Decision |
The Lahore High Court dismissed the petitioner's appeal regarding the assessment of the value of a plot of land for wealth tax purposes. The court held that the Tribunal's decision to fix the value at Rs. 10,00,000 per kanal was based on sufficient evidence and did not warrant interference. The court emphasized that the determination of value should consider the nature, size, and amenities of the property along with prevailing market rates. The court found no legal grounds to argue that the Tribunal acted improperly in its valuation process, and all relevant factors were duly considered in reaching the final decision. |
| Summary |
This case revolves around the assessment of wealth tax on a plot of land located on Davis Road, Lahore. The petitioner, having declared a value of Rs. 1,30,000 for the plot, faced a significantly higher assessment of Rs. 15,10,000 per kanal by the Wealth Tax Officer. The Tribunal, after reviewing the case, adjusted the value to Rs. 10,00,000 per kanal. The Lahore High Court upheld the Tribunal's assessment, stating that the valuation process adhered to the Wealth Tax Act and its rules, which necessitate a fair and just evaluation based on market conditions. The ruling underscores the importance of proper valuation methods in wealth tax assessments and emphasizes the need for transparency in the process. The court's decision is significant for taxpayers and tax authorities alike, as it clarifies the standards for determining property value under the Wealth Tax Act. Keywords such as wealth tax, property valuation, Lahore High Court, and wealth tax assessment are central to understanding the implications of this case. |
| Court |
Lahore High Court
|
| Entities Involved |
Not available
|
| Judges |
MUHAMMAD AFZAL LONE,
MALIK MUHAMMAD QAYYUM,
GHULAM DIN ZIA
|
| Lawyers |
Not available
|
| Petitioners |
MUHAMMAD AFZAL LONE,
MALIK MUHAMMAD QAYYUM
|
| Respondents |
another,
COMMISSIONER OF WEALTH TAX, LAHORE
|
| Citations |
1990 SLD 357,
1990 PTD 442
|
| Other Citations |
G.W. Rly. Company v. Bater 1922 8 TC 231
|
| Laws Involved |
Wealth Tax Act
|
| Sections |
27(1),
16(3),
24(5),
18(3)
|