Law: Income Tax Ordinance, 1979

Section: 13,13(1)(d),136

Income Tax Ordinance (XXXI of 1979)---Ss. 13(1)(d) & 136---Appeal---Maintainability---Factual controversy---Re-assessment---Addition under S.13 (1)(d) of Income Tax Ordinance, 1979---Sale proceeds from a house was relied upon by assessee in his income tax return---Assessing officer in re-assessment of the case made addition under S.13 (1)(d) of Income Tax Ordinance, 1979--Income Tax Appellate Tribunal set aside such addition under S.13(1)(d) of Income Tax Ordinance, 1979, being illegal and unjustified---Validity---Findings of Income Tax Appellate Tribunal were on factual premises and did not call for any interference---To ascertain and hold a transaction to be one of the nature of trade it was required to resort to basic ingredients of the transaction i.e. motive or intention to make profit and frequency of. transactions---When no systematic business activity was involved a single transaction of sale of land was not required to be assessed as business---Finding whether a single transaction of sale amounted to an adventure in the nature of trade was purely a question of fact, which had to be ascertained on the basis of factual inquiry to such effect---Sale and purchase of land was one among the business objects of assessee---In sale and purchase of property systematic business activity was involved---Assessee entered into frequent transactions in such respect, gained profits and utilized in same in further purchase of assets---Such property formed part of business assets of the assessee---Determination of such facts and findings were based on appreciation of evidence---No question of law arose in such matters, therefore, High Court declined to interfere in the passed by Income Tax Appellate Tribunal---Appeal was dismissed in circumstances. ORDER Assessee had sold her properties during the period of assessment year 1990-91. The properties included Shop No. 25/245 bearing No.F/1228/A to Muhammad Arshad against a consideration of Rs.50,000 shop 25/249/F/1228 to Shaheen Kausar against a consideration of Rs.50,000 and Property No.F/1228 against consideration of Rs.3,09,000. Assessing Officer, on the basis of disclosure of purchase in her tax return showed…

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