| Citation(s) |
|---|
| 1986 SLG 129 1986 SLD 129 1986 PTD 855 (1986) 54 TAX 85 |
Income Tax Appellate Tribunal
I.T. A. No. 1939 of 1982, decided, on 12-02-1986. dates ofhearing: 23rd April, 1983 and 1st December, 1985
-INCOME-TAX APPELLATE TRIBUNAL
M.R. Farooqi, I.T.P. for Appellant. Imtiaz Anjum, A.C., D.R. with Sarwar Khawaja, A.C., D.R. for
Respondent
I.T. A. No. 1939 of 1982, decided, on 12-02-1986. dates ofhearing: 23rd April, 1983 and 1st December, 1985
-INCOME-TAX APPELLATE TRIBUNAL
M.R. Farooqi, I.T.P. for Appellant. Imtiaz Anjum, A.C., D.R. with Sarwar Khawaja, A.C., D.R. for
Respondent
Law: Income Tax Ordinance, 1979
Section: 13,,61,62,13(1)(d),13(1)(e),9
(a) Income-tax Ordinance (XXXI of 1979)----Ss. 13, 61 & 62--Deemed income--Valuation of property-Assessment made by Excise and Taxation Authorities -though not binding on income-tax: Authorities yet Valuation determined by one Agency of Government could only be discarded on some solid basis and material: (b) Income-tax. Ordinance (XXXI of 1979)-- ---S. 13--Deemed income- -Pagri---Pagri of business premises--Purchase price in commercial properties is always less than Pagri--Reasons 'discussed. (c) Income-tax Ordinance (XXXI of 1979)-- ---S. 13--Investment--Arnount spent in purchase of some property comes within ambit of 'investment'. (d) Income-tax Ordinance (XXXI of 1979)-- ---S. 13(1)(d)--Deemed income-Assessee having no independent source of income except share income and. neither maintaining any accounts nor filing any wealth statement--Provisions of subclause (d) to S.13(1) not attracted--Addition made as "deemed income' held illegal and deleted. (e) Income-tax Ordinance (XXXI of 1979)-- ---S. 9--Provisions of S. -9 .is charging provision of law and is prospective and cannot' have retrospective application. Per Ghulam Mujrtaza Khan, Member (Contra)-- (Minority view) (f) Income-tax Ordinance (XXXI of 1979)-- --S. 13--Deemed income--Market value of premises, determination of-income-tax Officer to work out market price of a particular premises-Estimating a. fair value-- -income- tax Officer may take assistance from other facts and records including valuation adopted by Provincial Department of Excise and Taxation--Sale price shown in registered sale-deed, held seldom represented actual value at which transaction had been made. (g) Income-tax Ordinance (XXXI of 1979)-- ---S. 13--Deemed income--Unexplained income or investment could not go untaxed even when specific provision for subjecting to tax such deemed. income were not available on statute book. (h) Income-tax Ordinance (XXXI of 1979)-- --S. 13--Deemed income--Expenditure---Word 'expenditure' carries wide connotation and cannot be confined to expenditure for consumption alone when it very clearly, covered expenditure for acquiring assets or for making investments etc.--Unexplained payment made for…
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