Law: Income Tax Ordinance, 1979

Section: 13,136(2)

Law: Income Tax Rules, 1982

Section: 207A

(a) Income Tax Ordinance (XXXI of 1979)----S.13---Income Tax Rules. 1982, R.207-A---Valuation of immovable property---Procedure---Valuation of immovable property for the purpose of S.13 of Income Tax Ordinance, 1979, is determined under R.207-A of Income Tax Rules. 1982. (b) Income Tax Ordinance (XXXI of 1979)----S.13---Income Tax Rules, 1982, R.207-A(ii) --- Stamp Act (II of 1899), S.27-A---Valuation of immovable property---Value notified under S.27-A of Stamp Act, 1899---Land under assessment according to Revenue Record was agriculture land---Use of the land for agriculture purpose had -been abandoned for quite some time---Effect---Such land could be evaluated under 8.207-A(I1) of Income Tax Rules, 1982, which provided for determination of value as notified by the District Collector under S.27-A of Stamp Act, 1899, for the purpose of levy of stamp duty. (c) Income Tax Ordinance (XXXI of 1979)--- ----S.13---Income Tax Rules, 1982, R.207-A---Valuation of-immovable property---Factors to be considered---When the land under assessment was occupied by the assessee, the same was an agriculture land and at the time when probe against the assessee had started, some other factories were also established there---Effect---Existence of other factories in the vicinity could not be taken into consideration while determining the value of the property purchased by the assessee. Commissioner of Income Tax/Wealth Tax, Companies Zone-II Lawrence Road. Lahore v. Sarfraz Alt Sheikh 2000 PTD 374 eel. (d) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 13 & 136(2)---Income Tax Rules, 1982, R.207-A(ii) --- Valuation of immovable property---Agricultural land used as industrial area--­Assessing Officer instead of assessing the land in question according to the rate specified by the District Collector under S-27-A of Stamp Act, 1899, assessed the same at a rate of industrial area on the ground that the land had been converted into industrial area---Assessment made by the Assessing Officer was reduced by the Appellate Tribunal and the land was assessed at the rate of another land of factory which was purchased subsequent to that of the assessee's----Contention of the assessee was that…

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