Law: Income Tax Ordinance, 1979

Section: 13,13(1)(d),136

Income Tax Ordinance (XXXI of 1979)---Ss.136 & 13(1)(d)---Reference to High Court---Scope--Purchase of property by assessee---Estimation of value by the Revenue Authorities cancelled by the Tribunal---Reasons which favoured with the Tribunal being that proper basis were not evolved to reject the declared values nor for their subsequent estimation---Tribunal, prima facie felt satisfied with the declared values after having gone through registered sale-deeds of similar properties sold in the area at the same point of time and had taken into consideration the fact that a sale-deed could not be registered at a sum lower than the rate fixed by the District Collector for various localities in the city keeping in view their market value; said, values at least gave the minimum price at which a property could be purchased through a registered sale­ deed---To reject the value and to enhance the same required various kinds of factual inquiries which were not approved by the Tribunal---Tribunal, in clear words had expressed its view that an Assessing Officer was competent to determine the market value of any property and that the price witnessed by a sale-deed was not sacrosanct--Tribunal was not satisfied with the basis on which the declared values were increased---Question involved, thus did not raise any legal controversy in circumstances. THIS ORDER PASSED BY : NASIM SIKANDAR, J.---This is a case stated by the Lahore Bench of the Income Tax Appellate Tribunal. The questions framed for our opinion and answer read as under:--- (i) Whether on the facts and circumstances of the case the Tribunal was justified to discard the value adopted in assessment in the light of assessment made by Gain Tax Authorities and local enquiries regarding the fair market price? (2) Whether on the facts and circumstances of the case the Tribunal was justified to accept the value as per sale-deeds and to delete the additions in spite of the fact that the Tribunal itself observed in the order that it falls within exclusive jurisdiction of the I.T.O. to determine the market value of any property? 2. According to the statement of the case the five individual assessees purchased three…

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