A & A (PVT.) LIMITED, DHA, LAHORE versus C.I.R., RTO-1, LAHORE
Sections 37 (50), 122 (5), 177 and 117 (1) of the Constitution of Pakistan, Fourth Schedule Item 50, List of Federal Legislatures, Article 7 (4) Amendments to the Acquisition of Capital Authorized Information Therefore Capital Profit For the scheme, 39% of the total required land of 2579 kanals was to be used for the residential scheme, the same proportion of the profit received on the sale of the land purchased for 739 kanals was taxed as commercial. The benefit was permissible at the time of purchase of the land. The same was to be used for starting the project. The taxpayer could not fulfill the intention of starting the project. And the land had to be sold under economically compelling conditions resulting in capital gains on the sale. The transaction was a lonely one, with a heavy burden placed on revenue. It should be noted that instead of relieving the burden, taxpayers were trying to cash in on some minor incidents. In the past, land sales and sales were sold after a very long period of 4 years without any increase in the financial crisis which was an indisputable proof that the land was acquired in the transaction. The exempt capital company on sale was only 28% of the total required definition of 2579 kanals and could not buy any land for the residential project. The theory of calculating the proportional profit on the land purchased for the construction of houses is convincing only if the taxpayer had purchased the entire land of 2579 kanals. Re-earning the taxation officer for this project and on its sale is reassuring
