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W.T.AS. NOS. 371/KB TO 374/KB OF 2001, DECIDED ON 10TH APRIL, 2002. versus W.T.AS. NOS. 371/KB TO 374/KB OF 2001, DECIDED ON 10TH APRIL, 2002.

Wealth Tax Act 1963 Sections 17B, 21, 16 (3) and 2 (9) (19) (5); Second Shed; CL (22) Option to inspect Assistant Commissioner, Order of the Trust Company of the Wealth Tax Officer For the purpose of review, made under section 16 (3) of the Wealth Tax Act 1963, on the basis of which the benefit of the beneficiary can be taken as per the proportion listed in the trust. By the Assistant Commissioner of Inspection, the Compensation Assistant Commissioner canceled, which was a mistake under Section 17B of the Wealth Tax Act, 1963, and was therefore prejudiced in the interest of the Revenue because of it. The value of the property should be invested based on the gross rental value announced by the property. Income tax declarations and immunity should only be allowed to the extent of one million and not more because the property was assigned the status of a company. The validity trust was not brought under the wealth tax. To rely on the definition of a company by incorporating in it or not by taking on a trust property as defined by the assets owned by various entities. Neither the private nor its property was receivable under the Wealth Tax Act, exclusively the entire property of a public charity trust was exempt, under which the wealth under the Second Schedule (22) of the Commonwealth Tax Act, 1963 The charge for the tax is made on the benefit of the private trust. According to Section 21 of the Tax Trust Wealth Tax Act, 1963, the extent of their beneficial interest in the trust property cannot be considered by the company for the purposes of wealth tax, hence the action of the Additional Commissioner of Wealth Tax in the treatment of the trust. Was not right famous high court advocate from Bannu lawyer