Law: Income Tax Ordinance, 2001

Section: 21

Law: Income Tax Rules, 2002

Section: 13

Law: Income Tax Rules, 2001

Section: 67

(a) Income Tax Ordinance (XLIX of 2001)---S.21---Deductions not allowed---Disallowance of financial charges--Taxpayer contended that disallowance of the financial charges would amount to double taxation and the such ground was not adjudicated by the First Appellate Authority---Validity---Disallowance of lease rental was confirmed on the ground that the payment was not made to an approved Modarba and further disallowance of financial charges related to lease rentals was remanded to the First Appellate Authority for passing judicious and speaking order as the ground relating to financial charges was duly taken by the taxpayer before the First Appellate Authority which had not been adjudicated by him---Charges in question suffered incidence of tax twice, First Appellate Authority should pass the order keeping in view the assertion made by the taxpayer as well as keeping in view the relevant provisions of law regarding expense incurred by the taxpayer/assessee to an approved Modarba. (b) Income Tax Ordinance (XLIX of 2001)--- ----S. 67---Income Tax Rules, 2002, R.13---Apportionment of deductions---Allocation of expenses between exempt income and normal income---Taxpayer contended that no expenses were incurred on earning exempt income, therefore, the question of allocation of expenses between exempt income and normal income did not arise---Validity---No income could be earned without incurring any expenses---Any expense attributable to an activity which generated income from business or capital gain were required to be allocated accordingly on proportionate basis---Treatment meted out by the Taxation Officer being in accordance with the provisions of S.67 of the Income Tax Ordinance, 2001 read with R.13 of the Income Tax Rules, 2002 and its confirmation by the First Appellate Authority was confirmed by the Appellate Tribunal. (c) Income Tax Ordinance (XLIX of 2001)--- ----S.122(5A)---Amendment of assessment---Opportunity of being heard---Record revealed that several opportunities were provided to the taxpayer/assessee to appear before Additional Commissioner but each time he sought adjournment---Several adjournments were granted to taxpayer---Several opportunities…

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