I.T.AS. NOS. 1828/KB AND 2090/KB OF 1995-96, DECIDED ON 6TH JULY, 2002. versus I.T.AS. NOS. 1828/KB AND 2090/KB OF 1995-96, DECIDED ON 6TH JULY, 2002.
Income Tax Ordinance 1979 Section 27 Capital Gain Assisi was a retired civil servant and was allotted plot for construction of flats The plot was sold and the proceeds from such sale of the plot were paid by section 27 of the Income Tax Ordinance 1979. Was exempted under The appellate authority found that Assisi had purchased the plot with the intention of going into the housing project business, which could not be proven for various reasons, including the lack of financial resources and the assumption that it was a lonely transaction because it was a property. The real estate profit was treated as if the appraising officer was instructed by the first appellate authority to accept the same price as the buyer of the plot had announced. All that was to be seen in such a transaction was permissible, which was the intention of the Assisi at the time of the acquisition. Obviously, the plot was allotted for the construction of the flats and the assessee's claim. He did not intend to use all such flats for his personal necessity, thus selling the flats directly to the appellate authority for a profit. The assessing officer was instructed to accept the said price as if the buyer of the same property department could not discriminate in respect of the same transaction between the two parties. Appeals were dismissed and the order was upheld by the first appellate authority tribunal
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