Law: Income Tax Ordinance, 1979

Section: 13,13(1)(d)

Law: Stamp Act, of 1899

Section: 27A,207A(ii)

Law: Income Tax Rules, 1982

Section: Rr.207A(ii),(iii)

(a) Income Tax Ordinance (XXXI of 1979)].....S. 13(1)(d) Income Tax Rules, 1982, Rr.207A (ii) & (iii) Stamp Act (II of 1899), S.27A Addition Purchase of commercial constructed/rented out property Determination of value according to the District Collector rate rather than to capitalized value on the basis of rent Validity Properties which were covered by R.207A(ii) of the Income Tax Rules, 1982 were the properties having the same kind and character mentioned in R.207A(i) of .the Income Tax Rules, 1982 Kind property referred in R:207A(i) of the Income Tax Rules, 1982 was open plots Property which would be covered by R.207A(ii) of the Income Tax Rules, 1982 must also be of the same kind i.e. open property (non -constructed) Rule 207A(ii) of the Income Tax Rules, 1982 was attracted in ,cases where, though the property was still open but had not been demarcated into plots by Development Authority Value in such-like cases would be determined by District Collector for the purposes of stamp duty attracting S.27A of the Stamp Act, 1899 Assessees property being constructed property and already having been given on rent was covered by R.207A(iii) of the Income Tax Rules, 1982 -Assessing Officer having accepted the Gross Annual Letting Value, he was directed by the Appellate Tribunal to accept the declared value being higher than the capitalized value Addition made was deleted by the Appellate Tribunal. NTN 1995 (Trib.) 11 and 1991 PTD 488 ref. (b) Income Tax Rules, 1982 R. 207A(iii) Valuation of immovable property Directions by the First Appellate Authority Order must be passed within the confines of the directions First Appellate Authority observed that case of the assessee, was covered by R.207A(iii) of the Income Tax Rules, 1982 -Matter was not agitated by Revenue before the Appellate Tribunal which attained finality Case having been remanded to Assessing Officer, the scope within which the Assessing Officer had to pass re assessment order was within the confines of the directions given by the First Appellate Authority Assessing Officer was supposed to apply R.207A(iii) of the Income Tax Rules, 1982 in pursuance of the direction given by the First Appellate…

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