Law: Income Tax Ordinance, 1979

Section: 134,13

(a) Income Tax Ordinance (XXXI of 1979)----S. 134---Appeal to Appellate Tribunal---Commissioner of Income-tax (A) had avoided decision without any cause though no further inquiry in the circumstances of the case was needed nor the reasons stated for the remand made any sense---Income Tax Appellate Tribunal proceeded to decide the issue involved on merits after vacating the partial remand order and the term recorded by the C.I.T.(A). Shaikh Industries Limited, Karachi v. C.I.T., Central Karachi 1997 PTD 463 and 1983 PTD (Trib.) 278 ref. (b) Income-tax-- ----Venture in the nature of trade or business---Sale of immovable property-¬Federal Legislature is not competent to tax gains arising out of sale of immovable property---No bar, however, exists against taxability of such profit-if derived from a transaction or transactions in the nature of trade or business. (c) Income-tax--- ----Venture in the nature of trade or business---Stock in trade ---Assessee, an individual, though Director in a Private Limited Company, held a number of immovable properties of different characters---Assessee, in the relevant year sold three residential plots and purchased two more of similar types and also purchased agricultural land which at that time was considered to be the most attractive "business proposition" for real estate dealers ---Assessee, besides such six transactions of sale and purchase disposed of shares in three plots in an industrial estate ---Assessee, in spite of such sale and purchase, was still left with an inventory of one shop, one residential plot, two plots in a village and agricultural land, all of these being in addition to his big house in a big city of Pakistan---Held, properties disposed of by assessee during the relevant year could conveniently be termed as "sales" and those brought about during the period as "purchases" adding to the existing properties as "stock in trade"--- Nature and sizes and locations of these properties did not support the defence plea that properties were purchased to build the houses but the idea was dropped due to other compulsions--Sale and purchase by an assessee indicating following of a systematic pattern which is germane…

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