MR. JUSTICE MIAN SAQIB NISAR.-(1). The respondent-Company through a registered sale-deed purchased a plot measuring 8-Kanals bearing No. 66, situated in the Industrial Estate, Township Lahore, sold to it for Rs. 10,00,000. The Assessing Officer valued the plot at the rate of Rs.40,00,000 thus, under the provisions of section 13(l)(d) of the Income Tax Act added Rs. 30,00,000 to the company's income. The assessee's case is that the property in question was Benammi in the name of one Mst. Shahida, but actually was owned by Ch. Saboor Ali and Ch.Ghafoor Ali, who had transferred this property to the company, for the allotment of its shares to them, and Mst. Shahida as a Benamidar had accordingly acted upon the instruction of the real owner and thus, executed the sale-deed envisaging the price of Rs. 10,00,000 as the sale consideration in the deed, which was notional, whereas no money in cash was paid by the Company. This plea of the respondent was rejected up-till the CIT(A), who upheld the order of the Assessing Officer. However, the Income Tax Appellate Tribunal, while considering this question has held as under:- "We have considered the submissions made by both the parties and have also gone through the orders passed by the Authorities below. We are of the considered view that it was a transaction regarding "Tabdeeli-o-Farokhtgi Hisas Limited Jaidad" as was stated before the Registrar and duly noted on the backside of the front page. Therefore, the addition made by the Assessing Officer under section 13(l)(d) is deleted."
2. From the above and the facts and circumstances of the case, we do not find that any question of law has arisen in the matter, rather the controversy inter se the parties revolved around the facts, which have been so dealt with and resolved by the Tribunal. The reference is answered accordingly.