Act/Law wise: Judgment of Supreme Court of Bangladesh (AD)
Wealth Tax Rules | |||
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Section/Order/ Article/Rule/ Regulation | Head Note | Parties Name | Reference/Citation |
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. |
Commissioner of Taxes, Ctg. Zone, Ctg. Vs. M/s. Free School Street Properties Ltd. | 34 DLR (AD) 99 |
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 |
Commissioner of Income Tax, Dacca Vs. Adamfee Sons Ltd. | 2 BLD (AD) 21 |
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..
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Commissioner of Taxes Vs. M/S. Free School Street Properties Ltd. | 2 BLD (AD) 27 |