| Citation(s) |
|---|
| 1999 SLG 583 1999 SLD 583 1999 PTD 3896 |
Appellate Tribunal Inland Revenue
I.T.As. Nos. 1744/LB and 1746/LB of 1998, decision dated: 11-08-1999. DATE , of hearing: 6-08-1999
M. AFTAB AHMAD MALIK, ACCOUNTANT MEMBER AND MUHAMMAD TAUQIR AFZAL MALIK, JUDICIAL MEMBER
Muhammad Asif, D.R. for Appellant (in I.T.A, No. 1.744/LB of 1998) Mian Muhammad Javed for
Respondent,.(in I.T.A., No. 61744/LB of 1998). Mian Muhammad Javed for Appellant (in I.T.A. No. 1. , 746/LB of 199) Muhammad Asif; DA. for
Respondent (in LT A.
I.T.As. Nos. 1744/LB and 1746/LB of 1998, decision dated: 11-08-1999. DATE , of hearing: 6-08-1999
M. AFTAB AHMAD MALIK, ACCOUNTANT MEMBER AND MUHAMMAD TAUQIR AFZAL MALIK, JUDICIAL MEMBER
Muhammad Asif, D.R. for Appellant (in I.T.A, No. 1.744/LB of 1998) Mian Muhammad Javed for
Respondent,.(in I.T.A., No. 61744/LB of 1998). Mian Muhammad Javed for Appellant (in I.T.A. No. 1. , 746/LB of 199) Muhammad Asif; DA. for
Respondent (in LT A.
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Law: Income Tax Ordinance, 1979
Section: 13(1)(d),30
Law: Income Tax Rules, 1982
Section: R.207A
(a) Income Tax Ordinance (XXXI of 1979)------S.13(1)(d)---Income Tax Rules, 1982, 8.207-A---Addition---Value of immovable property in wealth statement was declared by assessee according to the purchase deed---Addition by Assessing Officer---Validity---Assessing Officer had not given any proper basis to determine the value ,of the property---Valuation of immovable property had to be adopted as per Collectors tables under R.207A, the Income Tax Rules, 1982---Addition made was deleted by Appellate Tribunal. 1999 PTD (Trib.) 3234 rel (b) Income Tax Ordinance (XXXI of 1979)--- ----S.30---Income from other sources---Venture in the nature of trade--¬Capital gain--Income from sale of property, being a solitary transaction, was assessed under S.30, Income Tax Ordinance, 1979---Validity---Income from sale of property being a solitary transaction could not be considered as venture in the nature of trade---Profit on sale of property being capital gain arid not income under S.30, Income Tax Ordinance, 1979, treatment meted out by First Appellate Authority was upheld by Appellate Tribunal. ORDER M. AFTAB AHMAD MALIK (ACCOUNTANT MEMBER)--These are cross appeals for the assessment year 1993-94. The appellant has agitated that the learned, CIT(A) was not justified to reduce the addition instead he, ought to have directed deletion of the addition made under section 13(1)(d). On the other hand, the department has also agitated the reduction allowed. in the addition made by the Assessing Officer under section 13(1)(d) and deletion of addition made under section 30 at Rs.28,760. . 2. The brief facts of the case are that the assessee, an individual, filed return of total income from house property at Rs.6,000. As the appellants income was below taxable limit the case was processed tinder normal law. A perusal of the assessment record revealed that the assessee purchased a property bearing No. 620-C, Block- 11, P. E. C. H. S., Karachi-for a lump sum consideration of Rs.500,000. As per purchase deed this property consisted of 107 sq. yards of land with incomplete structure on the ground floor consisting of one shop, and one residential flat on the first floor. The assessee declared…
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