Law: Income Tax Ordinance, 1979

Section: 61,62,Clause(65) oftheSecond Schedule

Keywords: Assessment Order, Satisfaction Of The Court, Payment, Determination, Provisions, Defence, Loan, Ratio Decidendi, Cancellation, Finance, Income From Business, Assessment Year, Selling, Provincial Legislature, Exception, Dispute, Loans, Burden Of Proof, Re-Assessment, Capital Gains, Inter Alia, Salary Received, Notice, High Court, Appellate Tribunal, Necessity, Constitution, Ultra Vires, Exempt Income, Proceeds, Representative, Profits, Federal Legislature, Returns, Assessment Of Income, Discharge, Sale Of Property, Exchange, Money, Notices, Land, Disposal, Rent, Contentions, Lands, Capital Gains, Estate, Allotment, Trading, Investments, Order, Permission, Manufacture, Failure, Repayment, Deeds, Office, Capital Asset, Immovable Property, Division, Transfer Of Immovable Property, Legal Position, Period, Commissioners, Plea, Properties, Grounds, Disposed Of, Parties, Single Transaction, Satisfaction, Leave, Consideration, Place, Conversion, Exemption, Show-Cause Notice, Re-Sale, Proper Time, Acquisition, Federation, Income From Salary, Issuance, Executive, Appearance, Levy, Set Aside, Director, Proceedings, Receipt, Production, Evidence, Property, Sale Of Shares Result: Appeal accepted. ORDER SAYED AMJAD HUSSAIN BUKHARI (JUDICIAL MEMBER). 1. This appeal relating to the charge year STBS is directed against the order dated 31st March, 1990 whereby the learned Commissioner of Income Tax (Appeals), Rawalpindi rejected the appeal filed against the assessment order, dated 18th June, 1989. A brief account of the facts of the case is that the assessee-appellant is an individual. He filed a return for the assessment year under consideration to declare loss of Rs. 26,730 as follows: Income declared (i)Income from salary Rs.48,909 00 (ii) Profit from sale of Plot No. 54 Blue Area, Islamabad Rs.59,09,000 (iii) Interest from P L accountRs.75,069 Rs.60,32,978 Exemption claimed (i) (Profit on sale of plot No. 54 Blue Area, Islamabad Rs.59,09,000 (ii) Profit on P L Account Rs.15,000 (iii) Zakat Rs.1,35,708 Rs. 60,59,708 Loss: Rs.26,730 2. The Assessing Officer processed the case under section 62 of the Income Tax Ordinance, 1979 (hereinafter called the Ordinance) and…

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