THIS ORDER PASSED BY:

NASIM SIKANDAR, J.-This is a case stated by the Lahore Bench of the Income Tax Appellate Tribunal. The questions framed for our opinion and answer read as under:-"(1) Whether on the facts and circumstances of the case the Tribunal was justified to discard the value adopted in assessment in the light of assessment made by Gain Tax Authorities and local enquiries regarding the fair Market price?(2) Whether on the facts and circumstances of the case the Tribunal was justified to accept the value as per sale-deeds and to delete the additions in spite of the fact that the Tribunal itself observed in the order that it falls within exclusive jurisdiction of ITO to determine the market value of any property."2. According to the statement of the case the five individual assessees purchased three properties for Rs.2,00,000, 6,00,000 and Rs.10,00,000 through registered sale-deeds, dated 12-8-1985, 20-10-1985 and 29-8-1985. The Assessing Officer feeling that the real value of the same had been und...