COMMISSIONER INCOME TAX/WEALTH TAX, COS-IV, KARACHI versus SASI REAL ESTATE DEVELOPMENT (PVT.) LIMITED, KARACHI
Sections 2 (5), 3 and 16 (3) Wealth Tax Rules, 1963, R8 (3) Incomplete Construction Plans of a Construction Company 18% of the assets held by such company as determined by the Market Value Assessing Officer The cumulative profit of the announced cost of such a project would not have been market value on the expected date of estimating the progress made in the construction work of such projects. The cost of such projects was known for different pricing dates. Can be obtained by calculating the exact cost of the year of completion of such a project on different pricing dates with profitability. Uga and keeping the cost and construction cost estimate of the market rate to the officer empowered to assess the value of assets and property assysy. In the present case, in a non-fictional way, the non-fictional realm had proceeded by applying the technical gross profit rate to the estimated cost of such projects, which the assessing officer could make additional money only upon completion of such projects. Within a year, an unknown increase in the situation was eliminated
Related judgments — Karachi High Court Sindh, 2011
