I.TA. NO.277/KB OF 1990-91 versus I.TA. NO.277/KB OF 1990-91
Section 29 and Third Schedule, Rr 7 and 8 (5) (a) Circular No. 10 of the CBR dated October 1, 1979, sets aside the fair market value when disposing of assets and the resulting gains or losses. The Assessing Officer must do the same when performing the assessment, therefore, subject to the approval of the AAC: Where the Assessing Officer did not obtain the required approval, they were not sustainable in the law which the Tribunal ordered to be removed.
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