Act/Law wise: Judgment of Supreme Court of Bangladesh

ALL A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



Wealth Tax Rules
Section/Order/Article/Rule/Regulation Head Note
Rule 8(3), 8(9)

Building of the Company come within the definition of the assets, and the single unit of residential house owned and occupied by assessec is excluded. Commissioner of Taxes, Ctg. Zone, Ctg. Vs. M/s. Free School Street Properties Ltd. (1982) 34 DLR (AD) 99. ....View Full Judgment

Rule 8(9)

Wealth tax—Assessment----Wealth Tax officer can take recourse to one of the methods of valuation, but not both—When bulk valuation of the net wealth of a company is adopted it is not permissible to value some of the assets separately, on the plea of making adjustment. The only question was whether to value the shares from the book value or market value. The Wealth Tax Officer having made the bluk valuation which could only be done under sub-rule (9) of Rule 8 attempted to value the shares. on the market price which is authorised under sub-rule (2). He could not do it both ways. The legislative scheme does not provide for such assessment. The discretion that is give as the circumstances may require” occur in sub-section (2) and nor for subsection (l). The Wealth Tax Officer in com puting under section 7(2) cannot take recourse to the discretion given by the expression as the circumstances may require” for computing it under section 7(1). Commissioner of Income Tax, Dacca Vs. Adamfee Sons Ltd. 2BLD(AD)21 ....View Full Judgment

Rule 8(9)

Wealth Tax—Assessee Company engaged in business of acquiring houses and letting them out on monthly rent for earning profit upon which it declares dividend— Whether rule 8(3) or rule 8(9) of Wealth Tax Rules, 1963 shall apply for assessment of wealth tax..
The assessee Company is cariving on a business within the meaning of s.23) of the income Tax Act—Since it is a business, the Wealth Tax Officer is obliged to determine the value Of the net wealth representing the various assets of the business and the method of computing has been provided by the Rules. The controversy is whether rule 8(3) or rule 8(9) will be attracted in the nature of the activities of the assessee as business or trading—therefore rule 8(9) is applicable. Commissioner of Taxes Vs. M/S. Free School Street Properties Ltd. 2BLD (AD) 27. ....View Full Judgment