MAJOR GENERAL (RETD.) M. JALALUDDIN versus ACIT, CIR-VI, ZONE-C, KARACHI
Article 22 Information regarding the intention of the Assessee at the time of purchase of the scope of the sale proceeds, such as the sale of a trade or a business transaction, must be essential to the intention to resell and make a profit. Buy a plot of scissors. The nature of the trade will fall under the purview of Adonis. Assisi is not a dealer or habitual buyer and seller of the plot; if the plot is sold with the intention of converting the immovable property into a residual asset, then the income generated will fall within the scope of ordinary income. Or in any case, the tax-exempt profits from the sale of the plot cannot be considered as yard stock, but each case will be decided on the basis of facts which will not be the sale of immovable property by only one owner. Unless the facts are guaranteed, it would be sufficient to treat such a transaction as a business nature adventure so when there was no intention to resell the plot at the time of its purchase, but due to circumstances attendance Sold, then the profits from such sales cannot be considered an adventure in a trade or business transaction. In the nature of the trade, the obligation to provide the adventure will depend on the income.
Related judgments — Karachi High Court Sindh, 2011
