Law: Income Tax Ordinance, 1979

Section: 29,29(3)(b),5(1)(c),ThirdSched.

Income Tax Ordinance (XXXI of 1979)---Ss. 29(3)(b), 5(1)(c) & Third Sched. Rr.7/8(5)---Cost of acquisition and consideration for transfer, how to be determined---Estimation of sale rate of fabrics. by the Inspecting Additional Commissioner as Assessing Officer without prior approval of concerned Commissioner of Income Tax---Validity---Where prices of assets were not ascertainable for determining the price in accordance with fair market value approval of the Inspecting Additional Commissioner in writing was a mandatory requirement---Admittedly, the price of asset as per assessment order was not ascertainable and for determining the price in accordance with the market value the approval was pre-requisite which had not been fulfilled---Order passed by the Additional Commissioner had become nullity in the eyes of law as the mandatory provision of law had been ignored but the First Appellate Authority, without any justification, had remanded the matter to the Assessing Officer giving further chance to fill in lacunae which was not permissible under the law---Orders of First Appellate Authority and the Assessing Officer to the extent of determination of the value of sale of fixed assets were vacated and the Taxation Officer was directed to accept the value declared by the assessee. 1997 PTD (Trib.) 853 ref. ORDER JAWAID MASOOD TAHIR BHATTI (JUDICIAL MEMBER).--The appellant through this appeal has objected to the impugned order of the learned C.I.T. (A), dated 20-10-2004 on the following grounds:--- "(1) That the learned Commissioner of Income Tax (Appeals-III) Lahore was not justified to set aside the assessment on point of estimation of fair value on sale of fixed assets at Rs.1,146,000 without obtaining approval of the Commissioner as required under Rules 7, 8(5) of the third schedule read with section 2(3)(b) of the Income Tax Ordinance, 1979. (2) That the learned Commissioner of Income Tax (Appeals-III) was not justified to set aside the case on the issue of application of higher rate." On behalf of the appellant/assessee an application seeking permission for the acceptance of the following additional ground has also been filed:-- "That the very assumption of…

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