Law: Income Tax Ordinance, 1979

Section: 13,24,62,80,80D,ThirdSched.,7(b)(1)

Law: Income Tax Rules, 1982

Section: 207

(a) Income Tax Ordinance (XXXI of 1979)......Ss. 62 & 80 D. Assessment on production of accounts, etc. Income from construction of town houses Application of Gross Profit rate on sale of houses and application of provisions of S.80 D of the Income Tax Ordinance, 1979 on such sales Validity Since in the immediately preceding year, Gross Profit rate had not been applied, application of Gross Profit rate for the year under consideration was quite unjustified -Action of both the authorities below was declared contrary to law -Appeal preferred by the assessee was accepted and Gross Profit rate applied was deleted by the Appellate Tribunal. (b) Income Tax Ordinance (XXXI of 1979) Ss. 62 & 13 Qanun e Shahadat (10 of 1984) Income Tax Rules, 1982, R. 207A Assessment on production of accounts, etc. Addition -Sale price of plot declared according to registered sale deed was enhanced by the Assessing Officer on estimated basis Validity -Department itself had accepted the sale price as declared by the assessee in cases of purchasers of the properties who were also taxpayers whereas the same had been rejected in case of assessee which was quite unjustified Since sale price declared by the assessee was supported by the registered sale deed and was also more than the rates fixed by the District Collector , its acceptance by the First Appellate Authority was justified Order of the First Appellate Authority was upheld by the Appellate Tribunal. 1993 PTD 206; 1993 SCMR 1108 = 1993 PTD 1108; NTR 91 Trib. 138 and 1999 PTD (Trib.) 8 rel. (c) Income Tax Ordinance (XXXI of 1979) S. 80 D Minimum tax on income of certain persons Sale of immovable property Application of S. 80 D of the Income Tax Ordinance, 1979 Contention of the assessee was that provisions of S.80 D of the Income Tax Ordinance, 1979 were not applicable because the immovable properties were not covered by the definition of "goods" Validity Word "goods" revealed that the immovable properties were not covered by the provisions of S.80D of the Income Tax Ordinance, 1979 as such no minimum tax was chargeable Orders passed by both the authorities below on the issue were vacated and appeal of the assessee was…

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