' DOST MUHAMMAD KHAN, J.---This judgment shall also decide S.A.O. Nos. 29 of 2002 and 17 to 24 of 2002 because common question of law involved therein.
2. Impugned herein is the judgment/order of the learned Income Tax Appellate Tribunal Camp, Peshawar, dated 18-12-2001 and 21-12-2001 respectively dismissing the department appeal filed against the order of CIT(A) who directed that the GALVs shall be made the basis for assessment of wealth-tax. The following common question of law in all the appeals has been formulated for consideration and determination of this Court:-- "Whether under the facts and circumstances of the case the learned I.TA.T. Was justified to hold that first market value of the properties is to be determined and then their GALVs and lowest of the two is to be adopted for valuation of wealth-tax purpose, whereas no such condition has been laid down in Rule 8(3) of the Wealth Tax Rules, 1963?"
3. Brief but relevant facts of the present controversy are that the assessees in all these appeals are individuals who own movable/ immovable properties. The returns filed by them were not accepted by the Assessing Officer who assessed the properties at a net value the properties of the assessee which caused grievance to the assessees and they filed appeals. Before the C.W.T.(A) wherein order was passed in their favour and further appeal as mentioned above of the department failed.
' As second appeal under section 27 of the W.T.(A) is competent on a point of law alone, therefore, factual aspects of the matter would be irrelevant.
' The learned I.T.A.T has based its judgment on its earlier decision in (1998) 78 Tax 319 (Trib.) which was also relied upon by the W . T. C . (A).
' The earlier judgment of the learned I.T.A.T. Was based on the judgment of the Lahore High Court (1994)78 Tax 217 wherein rule 8(2)(c), (i) of the Wealth Tax Rules was declared ultra vires to the relevant provision of the Wealth Tax Act, 1963.
We have gone through the relevant provision. Rule 8(3) provides a methodology/scheme as to how buildings or vacant sites are to be assessed for the purpose of wealth-tax. The plain reading of the'said rule along with first proviso leave nothing in doubt to be debated upon and the view taken by the learned I.T.A.T. Is perfectly in accord with law and rules. It has followed the same in its true letter and spirit and has rightly perceived the true intent and object of the law. As no provision of A law has been violated by the learned I.T.A.T. (Peshawar Camp), therefore, after due consideration of all the facts and after reading the provision of law we are of the firm view that no exception can be taken to the view taken by the learned I.T.A.T. Thus the question is answered in the affirmative and the impugned judgment is maintained. All these appeals are accordingly dismissed.