Law: Income Tax Ordinance, 1979

Section: 28,29,132(l)(a)(ii),29(b)

(a) Income Tax Ordinance (XXXI of 1979)----Ss.28, 29 & 132(l)(a)(ii)---Capital gain, computation of---Cost of acquisition and consideration for transfer---Determination of--¬Enhancement in assessment without giving opportunity of hearing---Sale of Stock Exchange Card---First Appellate Authority directed the Assessing Officer to assess capital gain without deduction of cost of acquisition of Card as the same had neither been incurred/claimed by the assessee nor the Assessing. Officer showed his intention to allow the same in any of his notices issued to the assessee---Validity---Direction of First Appellate Authority were patently illegal, because cost of Stock Exchange Card was disallowed without issuing any notice to the assessee, notwithstanding that directions would tantamount to enhancement in assessment---Held, for purpose of computation of capital gain provisions of Ss. 28 & 29 of the Income Tax Ordinance, 1979 had to be followed. (b) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 29(b) & 28---Capital gains, computation of ---Cost of acquisition and consideration for transfer---Determination--Inheritance or devolution---Sale of Stock Exchange Card---First Appellate Authority directed the Assessing Officer to assess capital gain without deduction of cost of acquisition of the Card as the same had not been incurred/claimed by the assessee ---Validity---First Appellate Authority ignored the provision of S.29 of the Income Tax Ordinance, 1979, while directing the Assessing Officer to assess the capital gain on account of sale of Stock Exchange Card without any deduction of cost of acquisition-- Order of First Appellate Authority was cancelled by the Appellate Tribunal and that of Assessing Officer was confirmed allowing the cost of acquisition of card. ORDER MUHAMMAD ASHFAQ BALOUCH (JUDICIAL MEMBER).--Above captioned appeal has been filed by the assessee against the order, dated 13-7-2002 passed by the learned Commissioner of Income Tax (Appeal) Zone-IV, Karachi. The appellant has contested that the learned CIT(A) was not justified in directing the Assessing Officer to assess the capital gain on account of sale of KSE Membership Cards at Rs.11.5…

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