Find a Lawyer

MAJOR (RETD.) PERVAIZ IQBAL versus COMMISSIONER OF INCOME TAX/WEALTH TAX, SIALKOT

Sections 14, 22, 27, 134 and 136 Acquisition of Capital Real Estate Sales Income Tax Exemption Claims that the sale / transaction benefit of real estate was not income but capital. Was rejected by the tribunals. Under the assumption that Assissee regularly bought large tracts of land and then thought it well and converted it into plots for sale purposes, under the plans. And such sales generated a lot of revenue, which was legally considered `business income treatment ', which attracted income tax tribunals on the basis of extensive fact-finding, record investigations and available evidence. , Concluded correctly that the real estate real estate by the property, was primarily of a "business nature" and that the property was apportioned to the real estate business at the same time. This shows that Assisi had never received a plot to build a house for himself, but he had purchased and distributed the land. Plots, sales and profits / proceeds from such sales were made, section 136 (2) of the Income Tax Ordinance 1979, the jurisdiction of the High Court was not on the question of law but on the facts of the nature of inquiry. Can be run Held and finalized by the trial tribunal in question, the circumstances did not entitle the High Court to the decision. The reference was rejected by the High Court in the circumstances. \ R \ n \ r \ n advocate for immigration from Babri Banda lawyer