NASIM SIKANDAR, J.- This is a case stated by the Lahore Bench of the Income Tax Appellate Tribunal. At the instance of C.I.T. Faisalabad, following question has been framed for our consideration and reply:- "Whether on facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee had not purchased lands with the intention of making profit and income from sale of the same was exempt u/S. 4 (2) (vii) of the Repealed Income Tax Act, 1922?"
2. The facts in brief are that the assessee-an individual was required to file returns for the Assessm ent Years 1975- 76 and 1976-77. Ln the returns so filed nil income was declared from business, profession or vocation. The Assessing Officer found that the assessee had under-taken purchase and sale of 8 properties during this period. After confronting his intention and on usuals proceedings, he held these transactions to be venture in the nature of trade and accordingly the difference between their purchase and sale price was brought to tax an income from business. On appeal, the learned AAO deleted the additions for both the years holding that the only two transactions finally traced out by the assessing officer to be in the nature of trade were not factually adventure in trade. On further appeal, the learned Tribunal maintained the findings so recorded.
3. After hearing the learned counsel for the Revenue, we are of the considered view that the question as framed does not raise any legal controversy. The Assessing Officer found that two out of the 8 properties transacted by the assessee, an ex-M.N.A. Were ventures in the nature of trade.
These findings were recorded on the basis of his opinion that the assessee had an intention to make profit considering the facts placed before it concluded that both the properties were purchased with the intention to raise a Petrol Pump which was frustrated due to subsequent events on which the assessee had no control. The learned Tribunal maintained these findings of fact.
Nothing has been brought on record to show that these findings of fact are not based upon any material available with the learned first appellate authority or the Tribunal.
4. That being so, the issue if a person at a relevant time had purchased properties with the intention to make profit is necessarily that of fact, lt cannot be converted into a legal controversy in one guise or the other.
5. Answer declined.