Law: Income Tax Ordinance, 1979

Section: 13,13(1)(a)

(a) Income Tax Ordinance (XXXI of 1979)---S.13(1)(aa)---Unexplained investment etc., deemed to be income---Addition---Life long saving---Plea taken on behalf of the assessee that amount of Rs.2,22,731 was his life long saving would sufficiently meet the ends of justice because a person having a considerable property in his name and also earning income from agriculture and cinema business could not be denied to have such a little amount of saving in his hands---Remaining addition of Rs.2,22,731 made under S.13(1)(aa) of the Income Tax Ordinance, 1979 was deleted by the Appellate Tribunal. (b) Income tax--- ----Business income---Reliance on history---Declared business income at Rs.75,000 was discarded and assessed at Rs.2,00,000---First Appellate Authority by placing reliance on history allowed relief to the assessee by restricting the figure at Rs.1,75,000---Validity---Reliance was placed on history and not on immediately preceding assessment---Action of both the authorities below was based merely on guess work---Minor relief was granted by the Appellate Tribunal by restricting the business income to Rs. 1,50,000 in circumstances. (c) Income tax--- ----Adventure in the nature of trade---Principles. Vol.7 No. l2 Tax Forum 58 of December 2003 rel. (d) Income lax--- ----Adventure in the nature of trade---Agricultural land, sale of---Addition---Validity---Documentary evidence regarding purchase of lands lit the years 1979, 1981 and 1988 as well as its sale in the year 2001 were provided in the shape of registered deed---Nature of land having remained unchanged, there was no course left with the Assessing Officer to disagree with the assessee despite the fact that copy of Khasra Garciawari of the said land was furnished showing the status of the land to be still agricultural land and being cultivated by the assessee himself and no improvement had been made in the land---Deletion of addition by the First Appellate Authority was upheld by the Appellate Tribunal in circumstances. Vol.7 No.12 Tax Forum 58 of December 2003 rel. 1989 PTD (Trib.) 460; 2001 PTD 1534 and 1975 PTD (Trib.) 6 ref. ORDER For the assessment year 2001-02, cross-appeals have been filed at the…

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