Law: Income Tax Ordinance, 2001

Section: 129,122,122(5),22(8)(a),75(7)

[Income Tax Ordinance (XLIX of 2001)]...... Sections 129, 122 read with 122(5), 22(8)(a) read with Section 75(7),, General Clauses Act, 1897,, Article 39 of the Constitution of Islamic Republic of Pakistan, 1973,, Non-resident company, closed its business in December 2008,, Income tax return was filed for the tax year 2009 to declare income of Rs. 25,160,238/- on 09/02/2010, also declared sales proceeds of a depreciable asset at Rs. 813,226.000/- under the Final Tax Regime subjecting it to tax @ 3.5%.,.. Show-cause Notice,, Assessing officer confronted the appellant that this was disposal of depreciable asset u/s 22(8)(a) of the Ordinance and the sales proceeds of the depreciable asset i.e. US$ 10,000,000/- was liable to normal tax @ 35%...... The appellant challenged the notices in Constitutional Petition before the Lahore High Court, however, later on the point of jurisdiction the same was transferred to the Islamabad High Court who dismissed it,.. The Order in Writ Petition of the High Court was later on challenged in Intra Court Appeal before the Islamabad High Court, the intimation of which was provided to the assessing officer; however, he was of the view that as no interim stay order had been passed, therefore, he was not bound to wait any further and passed order by making addition on account of disposal of depreciable asset as business income taxed under normal law,, The appellant filed appeal before CIR(A) on both legal and factual grounds: however, the appeal was disposed off on the ground that the Appellant kept himself engaged, before the assessing officer, on legal issues and failed to respond on factual grounds deliberately: action of the assessing officer was up­held, hence the instant appeal,, (b) Income Tax Ordinance (XLIX of 2001)...... Sections 209, 2(11), 122(5), 120, 121, 122C, 221, 153(1) read with Division III of Part-III of the First Schedule to the Ordinance and 169,, Federal Board of Revenue Act, 2007, Section 3(1),... Income Tax Ordinance, 1979, Section 65,, Finance (Amendment) Ordinance, 2009, dated 28/10/2009,,. F.B.R's Order C. No. 1(14)IR-JUD/2009(A), dated 25/11/2009,, Finance (Amendment) Ordinance, 2010, issued on 06/02/2010,,…

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