| Citation(s) |
|---|
| 1999 SLG 477 1999 SLD 477 1999 PTD 3234 |
Appellate Tribunal Inland Revenue
I.T.A. No.2108/LB and 2900/113 of 1998, decision dated: 1st June, 1999, hearing DATE : 27-05-1999
MAHMOOD AHMAD MALIK, ACCOUNTANT MEMBER AND MUHAMMAD TAUQIR AFZAL MALIK, JUDICIAL MEMBER
Javed Iqbal Qazi, I.T.P. for Appellant (in I.T.A. No. 2108/LB of 1998) Mrs. Riffat Shaheen Qazi, D.R. for
Respondent (in I.T.A. No. 2108/LB of 1998). Mrs. Riffat Shaheen Qazi, D.R. for Appellant (in I.T.A. No. 2900/LB of 1998). Javed Iqbal Qazi, I.T.P.
I.T.A. No.2108/LB and 2900/113 of 1998, decision dated: 1st June, 1999, hearing DATE : 27-05-1999
MAHMOOD AHMAD MALIK, ACCOUNTANT MEMBER AND MUHAMMAD TAUQIR AFZAL MALIK, JUDICIAL MEMBER
Javed Iqbal Qazi, I.T.P. for Appellant (in I.T.A. No. 2108/LB of 1998) Mrs. Riffat Shaheen Qazi, D.R. for
Respondent (in I.T.A. No. 2108/LB of 1998). Mrs. Riffat Shaheen Qazi, D.R. for Appellant (in I.T.A. No. 2900/LB of 1998). Javed Iqbal Qazi, I.T.P.
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Law: Income Tax Ordinance, 1979
Section: 13(1)(d)
Law: Income Tax Rules, 1982
Section: 207A
Income Tax Ordinance (XXXI of 1979)----S.13(1)(d)---Income Tax Rules, 1982, R.207-A---Addition---Valuation--Assessee declared value of shop higher than the rate fixed by the Collector of the District---Addition was made by the Assessing Officer adopting the value of the shop for the purpose of addition under S.13(1)(d) of the Income .Tax Ordinance, 1979 higher than the value adopted for the wealth tax assessment according to Collectors rate---Validity---Department had itself adopted the value of shop according to Collectors rate for wealth tax assessment and, thus, there was no question to adopt ,a different value for income-tax assessment---Department having accepted the principle that the valuation of immovable property should be adopted as per Collectors Table by introducing 8.207-A in the Income Tax Rules, 1982, Tribunal directed that the declared value should be accepted in circumstances. I.T.As. Nos. 1138/KB of 1997-98 and 1053/KB of 1996-97 ref. ORDER These are cross appeals for the assessment year 1993-94. The appellant has agitated that the learned CIT(A) was not justified to fix the valuation of shop at Rs.1,300,000 as against Rs.1,573, 000 adopted by the Assessing Officer. The department, on the other hand, has stated that the reduction allowed by the learned CIT(A) is without any solid reason. 2. The brief facts of the case are that the original assessment in this case was completed under Self-Assessment Scheme at net income of Rs.83,500. The case was reopened on the ground that .the appellant had purchased a commercial shop during the period relevant to the assessment year 1993-94. The appellant was confronted through show-cause notice against which reply was duly filed by the assessee. The appellant has shown the purchase price, of the shop at Rs.500,000. The learned A.R. stated before the Assessing Officer that the above shop was purchased having area 1 Marla -17 sq. ft. only. The learned A.R. further submitted that the aforesaid shop was purchased in dilapidated condition and the description of the shop was 7 feet front and 5 ft. 4 inch on the back with full ownership rights from bottom .to sky. After considering the reply the Assessing Officer…
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