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PAKISTAN ELECTRIC FITTINGS MANUFACTURING CO. LTD. versus COMMISSIONER OF INCOME-TAX

Income Tax Ordinance 1979 Sections 27, 22, 2 (11), 9 and 156 Constitution of Pakistan (1973), Fourth Schedule, Entry No. 50 CBR Circular No. 10, 1979 Date 1 10 1979 In the nature of trade by Adventure Obtained Plots in Assisi. Land and construction equipment was picked up for the factory / manufacturing unit, which is shown on the balance sheet because the Capital Asset could not set up the manufacturing unit due to the financial crisis and the construction / plot has been in development for almost 23 years. Moved into sister concern, the Controller of Capital Issues approved the transaction against part of the concern, saying that the transaction yielded a result of the increase in share form, but in the nature of trade, the campaign Did not treat Joy in such a way that the terms of the transfer between the parties, plot and Work begins. Construction work on it was returned after a period of five years. The Assisi eventually sold the plot along with the plot, thus Ali submitted the Assisi which was declared on the Income Tax Return. Under the section 2 (11) of the Income Tax Ordinance 1979, the Cumming Officer considered the business-funded business as such and imposed a valid tax on it. Not in the real estate business Plots were purchased in 1964 and sold after about 23 years, the transaction was an isolated project and the balance sheet showed the construction as a capital asset and not without precedent. Over the years the trade was shown as stock. Any dispute by the Department at the time of purchase of such plots best advocate from Eminabad lawyer