Law: Income Tax Ordinance, 1979

Section: 136,136(1)

(a) Income Tax Ordinance (XXXI of 1979)--S. 136(1)---Reference to High Court---Additional question---Limitation---Reference to High Court as to the additional question, on time barred application, cannot be made---High Court declined to entertain such additional question. N.A. Industries v. Commissioner of Income-tax 1992 PTD 50 fol. (b) Income Tax Ordinance (XXXI of 1979)--- ----S. 136(1)---Reference to High Court---Question of fact---Question as to whether the land in question was sold at a price as has been stated in the sale deed or at a higher price is a question of fact---Determination of the value of the landed property and substitution of one estimate against another, could not, by any stretch of imagination be described as a question of law. Commissioner of Income Tax v. Sarfaraz Ali Sh. 2000 PTD 374 fol. ORDER SYED HAMID ALI SHAH, J.---The assessee company purchased 31 Kanals 8 Marlas of land in Chak No.7/JB, Tehsil and District Faisalabad for Rs.2,00,000 (rupees two hundred thousand only) vide registered sale-deed, dated 13-5-1987. The vendors were the shareholders/directors of the vendee company. Another piece of land in the same vicinity was purchased by some other assessee, during the same period, against the consideration of Rs.1,00,000 per kanal. The Income Tax Officer, on the basis of later sale, estimated the value of land, purchased by the assessee company, at Rs.1,00,000 per kanal, after confronting the assessee through show-cause notice, dated 17-3-1991, with approval, dated 29-4-1991 of Inspecting Additional Commissioner under section 13(2). Show-cause notice, dated 30-4-1991 was followed by another notice under section 13(1) (d). The Income Tax Officer made an addition of Rs.29,40,000 (Rs.31,40,000-Rs.2,00,000) under section 13(1)(d) with the approval, dated 28-5-1991 of Inspecting Additional Commissioner. 2. The assessee assailed the said addition, in appeal and CIT through order, dated 7-10-1991, determined the value of land at Rs.2 lacs per acre and resultantly impugned addition under section 13(1)(d) was reduced to Rs.585,000 only. Both, the Revenue as well as the assessee, challenged the order, dated 7-10-1991 of CIT before Income…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492