Law: Income Tax Ordinance, 2001

Section: 122(4)(5),209,210,211,262,120,114(6)

(a) Income Tax Ordinance (XLIX of 2001)---Ss. 122(4)(5), 209, 210, 211, 262, 120 & 114(6)---Amendment of assessment---Filing of revised return---Rejection of---Further amendment---Scope---Commissioner was fully empowered to amend an assessment and assessment could further be amended under Sub-section (4) of S.122 of the Income Tax Ordinance, 2001 on the basis of `definite information' acquired from audit or otherwise---Provision of law was to be read as it was and was to be applied in its ordinary English meaning---Sections 120 read with Ss. 122, 209, 210, 211 and 262 of the Income Tax Ordinance, 2001 had been drafted and approved by the legislature with wisdom and were to be read and applied by understanding the same in the manner its plain language demands---After having filed the revised return by the taxpayer, it .was not obligatory on the Taxation Officer to accept the revised return filed under S.114(6) of the Income Tax Ordinance, 2001---Revised return filed by the taxpayer did not cover the quantum of discrepancies confronted by the Additional Commissioner, such discrepancies were enumerated by the Deputy Commissioner in his order---Despite service of several notices to taxpayer, no compliance was made by the taxpayer---Deputy Commissioner had the prerogative to reject the revised return in circumstances. (b) Income Tax--- ----Estimation of sales---Fine rice---Relief by reducing the estimate sale---Sufficient relief was granted by reducing/decreasing the estimate sales price of fine rice and broken rice whereby the First Appellate Authority had reduced/curtailed the fair price of rice from Rs.15 to Rs.12 as against declared rate of Rs.11.75 per kg and in respect of broken rice reduced the same from Rs.11 per kg to Rs.9.50 as against declared price of Rs.9.25 per kg. (c) Income Tax--- ----Profit & loss expenses---Diesel Oil expenses---Disallowance of--Sufficient relief was granted by the First Appellate Authority to the taxpayer by reducing the same from 20% to 5%---Order of First Appellate Authority was just and proper and did not require any interference. (d) Income Tax--- ----Profit & loss expenses---Disallowance out of profit and loss…

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