Law: Income Tax Ordinance, 1979

Section: 13(2),136(1)

Income Tax Ordinance (XXXI of 1979)----Ss.13 & 136---Valuation of property---Appeal to High Court---Assessing Officer, by virtue of S. 13, Income Tax Ordinance, 1979 has the power to determine value of the investment made in the property by the assessee---Assessing Officer, in the present case, has given reasons for not considering the value of the property on the basis of rate fixed by District Collector for the purpose of stamp duty---Provisions of S. 13(2), Income Tax Ordinance, 1979 empower the Assessing Officer to form its own opinion for making valuation of the investment in the property, which no doubt has to be based on certain material---Questions whether the property, the value whereof is subject-matter of the appeal to High Court is industrial or agricultural cum-commercial and that whether rate fixed by District Collector is proper rate for which the value of the property can be determined or not are the questions of fact and not of law---Appeal to High Court under S.136(1) of the Ordinance, lies only in respect of any question of law---Proposed questions as framed in the appeal being not questions of law and appeal being based on the grounds of pure question of fact, was dismissed in limine by the High Court. ORDER This appeal has been filed against the decision of ITAT, dated 24-2-1998, whereby the appeal of assessee was accepted and decision, dated 17-11-1997 of Commissioner of Income 'Tax (Appeals) was set aside. 2. The controversy involved in this appeal is the estimate of the value of the share of assessee in industrial unit situated at Kala Khatai Road. The Assessing Officer estimated the value of the property on the basis of price mentioned in registered sale-deed. The…

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