Law: Income Tax Act, 1922

Section: 66

Income-tax Act (XI of 1922)---S. 66--Reference--Determination of market value of assets--Question of fact- -Income-tax Appellate Tribunal is competent to take a view different from the one which had been taken by the Income-tax Officer--High Court declined to interfere, there being no question of law involved. (1979) 39 Tax 58 ref. JUDGMENT MUHAMMAD ZAHOORUL, HAQ, J.--The applicant Commissioner of Income-tax, Central Zone "A" Karachi has referred the following question to us:- "Whether on the facts and in the circumstances of the case there was 'any material- before the Tribunal to justify the reduction of market value adopted by the Income-tax Officer from Rs.31,67,007 to Rs.25,00,000.". The Income-tax Officer has assessed the market' value of the Dairy Farm of the respondent at Rs.31,67,007 but the respondent had contended that he had actually sold the same for Rs.11,80,000. The matter was taken in appeal to the Appellate Tribunal and the Accountant Member after giving due consideration to the facts and circumstances of the case, reduced the value of the factory from Rs.32,67,007 to Rs.25,00,000. It was a question of fact as to what was the market value of the factory…

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