I.T.AS. NOS.4121/LB AND 4125/LB OF 2004, DECIDED ON 15TH OCTOBER, 2004. versus I.T.AS. NOS.4121/LB AND 4125/LB OF 2004, DECIDED ON 15TH OCTOBER, 2004.
Sections 29 (3) (b), 12 (12) and 66A Income Tax Ordinance (XLEX of 2001), Section 210 CBR 1992 Circular No. 14 of 1992, Cost of Acquisition, and Consideration for Transfer , How much is fixed income considered or approved for determination of fair market value of shares in Pakistan, instead of approval of the Income Tax Commissioner's Income Tax Order, inspection of the Income Tax Commissioner's Inspections of Income Tax Ordinance 1976 Market value was determined. Section 210 of the Income Tax Ordinance, without any delegation of any specific power, was given by Additional Commissioner O Income Tax, the fair market value of the shares was determined by the Inspecting Additional Commissioner of 2001 without the necessary approval. Assessed officer dismissed by appellate tribunal under section 12 (12) of the Income Tax Ordinance 1979, with no jurisdiction and illegal addition.
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