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COMMISSIONER OF INCOME TAX versus MAHMOOD ALI

Sections 2 (11), 22 and 27 (2) of the property purchased for investment purposes considered as adventure in the nature of business as a business income estimate under section 22 of the Investment Tax Ordinance, 1979 The source did not record any material to show the sale proceeds of the commercial plot that, at the time of purchase of the plot, the SCC intended to achieve the revenue, so such intention must be deduced from the facts and circumstances of each case. ? In determining the nature of a business transaction, the nature of the property, the length of its ownership and holding, the actual conduct of the assessment in relation to it, and other factors have to be considered. In the absence of evidence of any commercial activity. If the income is deemed to be a gain, then the provisions of section 2 (11) of the Income Tax Ordinance 1979 were read along with its section 22 which would result in them getting it on sale. Real estate, if considered in the nature of an increase in capital, will also fall outside the scope of section 27 of the Income Tax Ordinance, 1979, as, for purposes of capital gain, immovable property may be classified under section 27 (2). Was excluded from the definition of capital gains. Trading was not in the nature of bargaining property advocates from Phalia lawyer