Law: Income Tax Ordinance, 2001

Section: 2,2(13),2(65),239,239(1),239(2),210

Law: Income Tax Ordinance, 1979

Section: 4,12,12(12),29,29(3),66,66A

(a) Income Tax Ordinance (XXXI of 1979)....Ss. 12(12), 29(3)(b) & 66A C.B.R. Circular No. 14 of 1992, dated 4 5 1992 Income deemed to accrue or arise in Pakistan Cost of acquisition, and consideration for transfer, how determined Value of shares No addition could be made in the income of the assessee on account of the alleged fair market value of the shares being higher than the' actual value of transaction as declared without first establishing that the declared value was "extremely low" as compared with the actual fair market value then getting the shares evaluated through an independent valuer appointed in terms of S.4 of the Income Tax Ordinance, 1979. Central Insurance Company v. C.B.R. 1993 SCMR 1232; Commissioner of Income tax v. Muslim Commercial Bank Ltd. 2002 PTD 720 and I.T.A. No. 2138/LB of 2002 ref. (b) Income Tax Ordinance (XXXI of 1979) Ss.29(3)(b), 12(12) & 66A Income Tax Ordinance (XLIX of 2001), S.210 C.B.R. Circular No.14 of 1992, dated 4 5 1992 Cost of acquisition, and consideration for transfer, how determined Income deemed to accrue or arise in Pakistan Approval for determination of fair market value of shares Fair market value of shares was determined with the approval of Inspecting Additional Commissioner of Income Tax instead of Commissioner of Income Tax Validity Approval in terms of S.29 of the Income Tax Ordinance, 197 was given by the Additional Commissioner o€ Income Tax without any delegation of specific power under S.210 of the Income Tax Ordinance, 2001 Fair market value of shares had been determined without mandatory approval by the Inspecting Additional Commissioner, which rendered the estimation without jurisdiction and unlawful Addition made under S.12(12) of the Income Tax Ordinance, 1979 by the Assessing Officer was deleted by the Appellate Tribunal. (c) Income Tax Ordinance (XLIX of 2001) Ss. 210, 239(1), 239(2), .2(13) & 2(65)- Delegation Under the Income Tax Ordinance, 2001, the power of Inspecting Additional Commissioner in terms of the Income Tax Ordinance, 1979 lies with the Commissioner of Income Tax who may specifically delegate this power to the Additional Commissioner under S.210 of the Income Tax…

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