ORDERTitled two wealth tax appeals pertaining to the assessment years 1999-2000 and 2000-2001 have been directed against the combined impugned order dated 174-2008 passed by the learned CIT(A) RTO., Lahore. The sole grievance of the assessee for both the years under appeal is that the learned CIT(A) was not justified to remand the case to the Assessing Officer for re-assessment after ascertaining the latest position of litigation regarding ownership of the property known as 92-B, Model Town, Lahore.2. Briefly stated the facts of the case are that original assessment in the present case was finalized under sections 16(3)/23 of the Wealth Tax Act, 1963 (hereinafter called "the Act") at net wealth of Rs.19480265 and Rs.19536618 respectively. Being aggrieved the assessee approached the learned first appellate authority who set aside the case with the direction that valuation of immovable assets be made as per Rule 8(3) of the Wealth Tax Rules, 1982 and ownership of the plot be determined i...
PRESENT:
SYED NADEEM SAQLAIN, JUDICIAL MEMBER AND MASOOD ALI, JAMSHED, ACCOUNTANT MEMBER
Petitioner(s) by: Mian Ashiq Hussain.
Respondent(s) by: Manzoor Ahmad Shad, D.R..
Law: Wealth Tax Act, (XV of 1963)
Sections: 16,16(3)/23
Disclaimer / Note: We have reproduced the judgment for facilitation of readers; however, the readers must study the original or certified copy of the above said judgment before referring it in any Court of Law. The judgment as reproduced above is a reported judgment available in law magazines and journals namely: 2010 PTD 2201