Law: Income Tax Ordinance, 1979

Section: 13,66,66A,136,136(1)

Income Tax Ordinance (XXXI of 1979)--Ss.66A, 13 & 136(1)---Income Tax Rules, 1982, R.207A---Powers of Inspecting Additional Commissioner to revise Deputy Commissioner's order---Valuation of immovable property---Addition---Assessment year 1994-95---Assessing Officer assessed the difference of value between sale and purchase price of plot as income in the nature of trade and tax was paid accordingly by the assessee---Inspecting Additional Commissioner set aside the assessment order under S.66A of the Income Tax Ordinance, 1979 on the ground that assessed value of the plot was much lower than the rate prescribed by the Collector's Table for such property., thus, difference in value was liable to be added in assessee's income under S.13 of the Income Tax Ordinance, 1979---Contention of the assessee was that R.207A was inserted in the Income Tax Rules, 1982 by Notification No.414(1)97, dated 13-6-1997 and the same could not be pressed into service with retrospective effect to the prejudice of the assessee---Validity---Since mode of valuation of immovable property as provided under R.207A of the Income Tax Rules, 1982 was not available with the Department in the year' 1994-95 same having been inserted in the Income Tax Rules on 13-6-1997; could not have been applied retrospectively to the assessee's case which was a past and closed transaction by that time---High Court dismissed the departmental appeal in circumstances. ORDER ANWAR ZAHEER JAMALI, J.---This appeal under section 136(1) of the Income Tax Ordinance, 1979 raises the following questions for our decision:--- "(1) Whether on the facts and circumstances of the case learned Income-tax Appellate Tribunal was justified in cancelling the order passed under section 66A wherein value of the property declared by the assessee is lower than the rate prescribed in the Collector's table for the property? (2) Whether on the facts and circumstances of the case learned I.T.A.T. was justified in cancelling the order in presence of rule 207A of the Income Tax Rules, 1982 which is also contrary to the decision of I:T.A.T. vide Order No. I.T.A. I136/KB of 1997-98, dated 2-3-1998?" The facts of the case may be summarised as…

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