Sections 122 (5A), 133 and 221 of the Amendment After the establishment of housing scheme by Pakistan Steel Mills, the sale of surplus land in the form of small plots is ordered by the Taxation Officer on the amount received from such transactions. Estimated income is generated from the business of the developed housing scheme. The appellate tribunal maintained that the proceeds from the sale of the exempted land were capital gains and not the proceeds of the review. Nor can a strict and sharp rule be adopted in the nature of trade in adventure, but every transaction will be examined on its own. The facts have nothing to do with establishing the article that was part of this area, which formed such mills, or could be considered as the assets of the review capital, there is nothing in the record to prove it. Because the finding of the facts recorded by the tribunal was based on false reading or lack of evidence. The Tribunal may have taken advantage of the deception in the event of a finding of fact, but rather a reference to the question raised by the taxation officer, rather than the reference to the High Court, which made a bold appeal. None of the evidence was supported, the High Court could not examine or disturb the fact finding by the Tribunal, unless the High Court proved the request for perverse reference.
Related judgments — Karachi High Court Sindh, 2012
