This appeal has been filed against the decision of ITAT, dated 24-2-1998, whereby the appeal of assessee was accepted and decision, dated 17-11-1997 of Commissioner of Income Tax (Appeals) was set aside.
2. The controversy involved in this appeal is the estimate of the value of the share of assessee in industrial unit situated at Kala Khatai Road. The Assessing Officer estimated the value of the property on the basis of price mentioned in registered sale-deed. The Assessing Officer justified his mode of evaluation of the property on the basis of sale-deed as against. The. DC rate. As property falls far away from Railway line and as such its nature is agricultural cum commercial and not industrial.
3. The Assessing Officer by virtue of provisions of section 13 of the Income Tax Ordinance, 1979, has the power to determine value of the investment made in the property by an assessee. The Assessing Officer has given reasons for not considering the value of the property on the basis of rate fixed by DC for the purpose of Stamp duty. The provisions of section 13(2) empowers the Assessing Officer to form its on opinion for making valuation of the investment in the property, which no doubt has to be based on certain material.
4. (a) Whether the property, the value whereof is subject-matter of this appeal, is industrial or agricultural cum commercial.
(b) Whether rate fixed by District Collector is proper rate for which the value of the property can be determined or not? The above questions are the questions of fact and not of law. The appeal to this Court under section 136(1) of the Income Tax Ordinance, 1979 lies only in respect of any question of law. The proposed questions of law, as framed by Appellant in the appeal are not questions of law.
The appeal is based on the grounds of pure questions of fact; therefore, the appeal is dismissed in limine. .