COMMISSIONER OF INCOME TAX/WEALTH TAX, COMPANIES ZONE-II, LAHORE versus MRS. FARIDA HUSSAIN
Section 27 Wealth Tax Rules, 1963, R8 (3) Notification Section RO No. 534 (I) / 1994, dated 9th 1997 1997 Assessing Assessment of Tenant Property informed by District Collector under Section 27. Estimated the tenant property of the appraiser based on the rate. The Stamp Act, 1898 Income Tax Appellate Tribunal allowed the appeal filed by the SC and found that in the case of the value of the tenant, the annual tax based on the value of the annual lease, in Rule 8 (3) of the RRL, 1963 Was provided. Authorities raised that the Income Tax Appellate Tribunal was wrongly misidentified on the basis of the accuracy of the annual lease price, its first decision was executed at the time of the verdict and R8 (3) was also legalized. Was substituted by. Wealth tax rules, 1963 brought by notification section R No. 534 (I) / 1994, the question raised in the appeal on the date 96 1997 was already settled on the issue of Income Tax / Commissioner. Tax vs. MST Kamal Asghar as reported in PTD 50 of 2005 and the only way provided by law for the valuation of property in such matters is the provisions of R8 (3) of the Wealth Tax Act 1963 Sahara, which has a separate assessment of the cost of construction and land, refused to attend the questions raised by the authorities for the purpose of assigning a price to a property. In fact, the appeal was dismissed.
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