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W. T. A. NO. 88(IB) OF 2000-01, DECIDED ON 11TH APRIL, 2002. versus W. T. A. NO. 88(IB) OF 2000-01, DECIDED ON 11TH APRIL, 2002.

Wealth Tax Act 1963 Second Schedule, Part I, CL (I) Zakat and Ursher Ordinance (XVIII of 1980), Section 2 (xxvi) and 3 exemption shares of Private Company Limited on the face of deduction of Zakat at face value. Was claimed. The valuation officer evaluated the interval value and added the default value to the assessee's net worth as the amount of zakat was deducted at cost and no zakat deducted on the remaining value of the shares. The First Appellate Authority directed the appraisal officer to exclude the shares from the calculation of net wealth on the basis that they were subject to the Zakat to which they have already been deducted and to these persons. Wealth tax was exempt under the law, the shares of property in a private company were an asset and were deducted from zakat by Zakat comp. Discounts may be mandatory. The payment of 5% of the value paid per share in each Zakat year was Rs. 10 Zakah of the company and under Usher Ordinance (XVIII of 1980), the company deducted Zakat ded from the source by paying Zakat ted to the participants. Was subject to Zakat. Under Part 1 (1) of the Second Schedule to the Wealth Tax Act, 1963, the order of the Appellate Authority was upheld before the assumption of the Wealth Tax and the Appellate Tribunal rejected the Department's appeal. registration advocate from Sidhnoti lawyer