INCOME-TAX APPEALS NOS. 3592/LB AND 3593/LB OF 1983-84, DECIDED ON 5TH MAY, 1986. versus INCOME-TAX APPEALS NOS. 3592/LB AND 3593/LB OF 1983-84, DECIDED ON 5TH MAY, 1986.
Article 27 Constitution Pakistan (1973), Schedule IV 50, Item No. 50 Section 27, Income Tax Ordinance, Not Contrary to Schedule IV of 1979, Item No. 50, Section Pakistan (1973) Translating Section 27 of Ordinance Capital Receipts in Trade Since there was no compulsory acquisition of the Assisi land, the money received by the Assisi in exchange for such land was capital gains and thus was not taxable under the Income Tax Ordinance, 1979.
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