COMMISSIONER OF INCOME-TAX CENTRAL 'A', KARACHI Versus MESSRS AMSONS DAIRIES AND FOOD LTD.

1. MUHAMMAD ZAHOORUL, HAQ, J .--The applicant Commissioner of Income-tax, Central Zone "A" Karachi has referred the following question to us:-

2. "Whether on the facts and in the circumstances of the case there was 'any material- before the Tribunal to justify the reduction of market value adopted by the Income-tax Officer from Rs.31,67,007 to Rs.25,00,000.".

3. The Income-tax Officer has assessed the market' value of the Dairy Farm of the respondent at Rs.31,67,007 but the respondent had contended that he had actually sold the same for Rs.11,80,000. The matter was taken in appeal to the Appellate Tribunal and the Accountant Member after giving due consideration to the facts and circumstances of the case, reduced the value of the factory from Rs.32,67,007 to Rs.25,00,000.

4. It was a question of fact as to what was the market value of the factory and the Appellate Tribunal was quite competent to take a view different from the one, which had been taken by the Income-tax Officer. There is no point of law involved in that decision. We .are supported in this view by a decision of the Lahore High Court reported in (1979) 39 Tax 58 (H.C. Lah.) where a Division Bench of the said High Court has taken the following view:

5. "The fixation of the market value by the Tribunal is a pure question of fact .and our answer to the question raised has to be in the affirmative. An objection was also raise by learned counsel for the respondent that the petition is barred by six days. Irrespective of this objection even on merits the petitioner has no case."

6. In view of above, this petition fails and the question is answered in the affirmative. The learned counsel for the Department. Mr. Nasrullah Awan has not been able to point out any other judgment of any other High -Court to the contrary.

7. M.B.A./C-21/K Question answered in the affirmative.