Law:

Section:

Capital Gain Tax Rules, 1964--R. 7---Constitution of Pakistan (1973), Art. 185(3)---Capital Gain Tax fixed by Authorities after determination of fair market value of plot in dispute was contested by petitioner in Constitutional petition on basis of comparison of that plot with other property located in its- vicinity---Plot in dispute admittedly was commercialised, possessing a distinguished feature as compared with other property located in the vicinity---Authorities were of the view that declared sale price of plot did not disclose transaction between vendor and vendee correctly, but declaration was made simply to reduce tax liability---Constitutional petition, held, was rightly dismissed by High Court and no question of interference arose in the case---Leave to appeal refused. ORDER S. USMAN ALI SHAH, J.---Leave to appeal has been sought by the petitioner against the dismissal of her writ petition by the Lahore High Court. The question involved in this case whether the capital gain tax is to be made on the basis of the prevalent market value or on the…

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