Law: Income Tax Ordinance, 1979

Section: 31,65,88,167,Sched.III,7,8

Law: Income Tax Act, 1922

Section: 23

(a) Income-tax Ordinance (XXXI oaf 1979)---Ss. 31, 65, 88, 167 and Sched. III, Rr. 7 & 8--Income-tax Act (XI of 1922), S.23--Federal Government's Notification No. S.R.O. 885(1)/79, dated 2-10-1979 and No. S.R.O. 751(1)/79, dated 23-8-1979--Additional Assessment--- Disposal of property (Cinema)--Allowance of depreciation on assets fictional or deemed income--Assesses acquiring assets in question before income year was allowed depreciation under repealed Act in respect of assessment for all charge years-- Assessee's liability to pay tax in respect of such fictional income directly arising under r. 7(5)(b) for computation of depreciation as embodied in Schedule--Asset disposed of by assessee and sale proceeds thereof exceeding W. D. V. excess becoming income of assessee of that year chargeable under head "income from business or profession"--Assesses, held, could riot escape liability to pay tax on such fictional income--Assesses not assailing computation of deemed income but basing his case on wires of cl.(c) of subsections (1) of S.31 of Ordinance-d Assesses suffering no injury or liability whatsoever with insertion of said clause--It was in respect of a deemed income that assessee had been subjected to tax--Argument that insertion of said clause in section 31 had resulted in levying income-tax on capital gain on sale of immovable property was therefore ex facie untenable. P L D 1963 S C 486 rel. (b) Income-tax Ordinance (XXXI of 1979)-- ---Sched. III, r. 7--Sched. III, .r. 7, held, was independent of provisions of the Ordinance and repealed Act but was a self-contained provision of law by virtue of which if an assessee who disposed of any class of asset and sale proceeds thereof exceeded W.D.V. was liable to be taxed in respect of such excess as a deemed income. ORDER MUHAMMAD MAZHAR ALI (CHAIRMAN).--The facts giving rise to these three appeals one filed by S-------C------P----an Association of Persons and the other two by the two members of the said Association of Persons, are these. All the three appeals pertain to charge year 1979-80 for which the corresponding Accounting period ended on 30-6-1979. They are directed against the combined order of the…

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