| Case ID |
ffe50562-9c82-49b7-921c-74174e0d6ab7 |
| Body |
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| Case Number |
R. As. Nos. 149/LB to 151/LB of 1996 |
| Decision Date |
Feb 16, 1997 |
| Hearing Date |
Dec 22, 1996 |
| Decision |
The Tribunal refused the prayer for reference to the High Court, agreeing with the submissions made by the counsel for the assessee. It concluded that the question framed was too general to be a specific legal issue for the High Court. The Tribunal upheld that the assessee was not the owner of the plot, and therefore, the charge of wealth tax was not justified. The Tribunal emphasized that the question of ownership was a question of fact, not law, and that the Revenue's request for reference was not supported by evidence on record. |
| Summary |
In this case before the Income Tax Appellate Tribunal, the matter concerned the application of the Wealth Tax Act, particularly Section 27, regarding the ownership and taxation of property. The respondent A.O.P. was involved in real estate, constructing a building at Sadiq Plaza, Lahore. The primary issue was whether the A.O.P. could be considered the owner of the plot for wealth tax purposes. The Tribunal found that the A.O.P. was not the rightful owner, as the land was owned by M/s. NICFC, and thus, wealth tax could not be levied on the plot value. The Tribunal's decision was influenced by previous cases, including Mehran Associates v. CIT, which supported the notion of dual ownership of land and structure. The Tribunal concluded that the factual findings did not give rise to a question of law, and the request for reference to the High Court was denied, emphasizing that the Revenue had failed to provide adequate evidence to challenge the Tribunal's findings. This case highlights the complexities of property ownership and taxation under the Wealth Tax Act, with implications for real estate and taxation law. |
| Court |
Income Tax Appellate Tribunal
|
| Entities Involved |
M/s. Kohinoor Textile Mills Limited,
M/s. Sadiq Enterprises,
A.O.P.,
M/s. National Industrial Cooperative Finance Limited
|
| Judges |
NASIM SIKANDAR,
INAM ELLAHI SHEIKH
|
| Lawyers |
Mr. Shehbaz Butt,
Ch. Muhammad Salim
|
| Petitioners |
Not available
|
| Respondents |
Not available
|
| Citations |
1997 SLD 465,
1997 PTD 926,
(1997) 75 TAX 103
|
| Other Citations |
1996 PTD (Trib.) 905,
Mehran Associates v. C.I.T., Karachi 1993 SCMR 274,
1993 PTD 69,
CIT v. Morris Electronic Ltd. (1991) 190 ITR 653,
1994 PTD Note 155 at p.196,
CIT Lahore v. Jamal Ice Factory, Multan 1973 PTD 422,
A.C.I.T. v. Roshan Lal Kuthalia 1989 PTD 1333,
CIT (Central), Calcutta v. Daulatram Rawalrnull (1973) 87 ITR 349,
CIT, Behar and Orissa v. S.P. Jain (1973) 87 ITR 370,
Mian Ghulam Murtaza v. CIT, Lahore 1981 PTD 180,
CIT v. Sh. Muhammad Saeed and Brother 1993 PTD 1198
|
| Laws Involved |
Wealth Tax Act, (XV of 1963)
|
| Sections |
27,
2(m)
|