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The COMMISSIONER OF INCOME TAX, COMPANIES-III, KARACHI vs FEROZUDDIN KHAN Ss — 2022 PTD 648 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 PTD 648 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
PTD
Parties
The COMMISSIONER OF INCOME TAX, COMPANIES-III, KARACHI vs FEROZUDDIN KHAN Ss
Subject matter
Tax & Customs
Provisions referred to
S. 17-B; Wealth Tax Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

The COMMISSIONER OF INCOME TAX, COMPANIES-III, KARACHI VS FEROZUDDIN KHAN Ss.2(1)(16) & 27---"Net wealth"; computation of---Incidence of wealth tax upon property belonging to minor children of taxpayer---Inclusion of wealth of minor(s) in wealth tax assessment of either parent of such minors by Wealth Tax Officer---Scope---Question before High Court was whether wealth tax assessment of respondent taxpayer ought to be revised under S.17-B of Wealth Tax Act, 1963 on ground that said taxpayer had not disclosed property / shares belonging to his minor children, thereby reducing his wealth tax liability---Held, that record revealed that Wealth Tax Officer ("WTO") had already included such shares of minor children in wealth tax assessment of taxpayer's wife who was mother of said minors ---- Contention of Department that such shares of minor children should have been included in computation of wealth of taxpayer instead, being higher taxpayer than his wife, was incorrect as requirement of law had been fulfilled when wealth of minors was included in wealth tax assessment of mother of such minors, and therefore no justification existed in reopening assessment of taxpayer and adding said wealth of minors in wealth of taxpayer---Appeal was disposed of, accordingly.

Other judgments reported in 2022 PTD

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