Law: Income Tax Ordinance, 2001

Section: 99,67,13,121,100A&SeventhSched,1,9,177,2 06(2),214(1)

(a) Income Tax Ordinance (XLIX of 2001)----S.121---Allegation of non-compliance of notice---Misrepresentation of facts by the authorities below---Miscarriage of justice---Scheduled bank was portrayed as a non-compliant taxpayer whereas the truth was otherwise---Federal Board of Revenue was to take notice of such lapse and take appropriate action so that in future taxpayers were not wrongly blamed for non-compliance. (b) Income Tax Ordinance (XLIX of 2001)--- ----Ss.121, 177 & Seventh Schedule---Best assessment---Allegation of non-compliance---Order passed under S.121 of the Income Tax Ordinance, 2001 was not maintainable as compliance of notice within the four corners of the Seventh Schedule to the Income Tax Ordinance, 2001 was made by the tax payer Bank---If the Deputy Commissioner Inland Revenue was not satisfied with the reply made on issues raised in the notice, amendment of assessment already in the field could have been made but there was no justification whatsoever to resort to 5.121 of the Income Tax Ordinance, 2001 which was untenable on factual matrix and there was no need to adjudicate other grounds related to assumption of jurisdiction under 5.177 of the Income Tax Ordinance, 2001 or retrospective application of S.177(10,) of the Income Tax Ordinance, 2001. (c) Income Tax Ordinance (XLIX of 2001)--- ----S.100A & Seventh Sched: Rr.1 & 9---Special provisions relating to banking business---Tax year 2009---Computation of income of Banks and Insurance companies---Taxpayer contended that from tax year 2009 onwards, the banks were to be taxed in terms of S.100A of the Income Tax Ordinance, 2001 read with the provisions of Seventh Schedule to the Income Tax Ordinance, 2001; that assessment in the case of banks from tax year 2009 was to be made at par with insurance companies under the Fourth Schedule to the Income Tax Ordinance, 2001; that Seventh Schedule did not permit re-computation of income as done by the Deputy Commissioner in view of explicit languages of S.IOOA of the Income Tax Ordinance, 2001 read with R.1 of the Seventh Schedule to the Income Tax Ordinance, 2001; that Assessing Officer could make only permissible additions and…

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