Valuation of Property

Assessee contended that assessee-Company and the company which produced the fertilizer were one entity as the management of the said company was under the Government of Pakistan

Validity

Majority shareholder of NFC was not the Government

Assessee-Company, therefore, did not fall within definition of the 'public company'

Status given by the Inspecting Additional Commissioner to such company as private limited company was upheld by the Appellate Tribunal.

Appellate. Tribunal fixed the value at Rs. 30,000 per Marla and rate of construction at Rs. 65 per sq. ft. in circumstances.

Witness not stating basis of valuation, nor any evidence existing to show nature of land occupied by appellant-Witness giving evidence in 1971 while suit filed 6 years previously-Evidence of witness, held, in circumstances, bore little on value of land in 1965-No evidence led regarding contemporaneous sales of land in same locality Held : No tangible evidence exists to indicate market value of disputed land at time of filing of suit.

S. 59-Valuation of property Question of disputed value referred to valuer at instance of appellant-Tribunal not bound to abide by value appraised by valuer, if found to be based on unreliable material or on unscientific basis.