Law: Income Tax Ordinance, 2001

Section: 120,120(1),122(1)r/w122(5),122(9)

[Income Tax Ordinance (XLIX of 2001)]......Sections 120(1), 122(1) r/w 122(5), 122(9)-.- Assessee, a private limited company, filed the instant appeal against order dated 15/12/2010 passed by CIR (Appeals-II)-.- Assessee filed Income Tax return showing loss, T.O. found difference in the sale amount shown by the assessee and amended the same under Section 122(1) r/w Section 122(5), Income Tax Ordinance, 2001-.- Show-cause Notices, remained un-complied-.- Assessee filed appeal before CIR (Appeals-II) who held the action of the T.O. correct-.- Proper opportunities have been provided to the assessee and all court proceedings have been completed-.- Orders of the below courts have been held by this Tribunal in accordance with law and the instant appeal is dismissed-.- ORDER Vide this appeal, the assessee has called into question the order passed by the learned CIR (Appeals-ll), Lahore dated 15.12.2010 in respect of tax year 2007. 2. Facts in short are that the assessee is a private limited company and filed income tax return for the tax year 2007 declaring loss of Rs.2,485,726/-, which was treated as an assessment order in terms of section 120(1) of the Income Tax Ordinance, 2001. Later on, the Taxation Officer found that assessment treated to have been finalized was under assessed and required amendment due to the reason that sales had been declared at Rs.47,597,055/- against the sales aggregating to Rs.62,771,564/- as per sales tax profile which constitutes definite information in terms of section 122(5) of Income Tax Ordinance, 2001. In this regard, show' cause notice was issued and after giving proper opportunity of being heard, the order was amended under Section 122(1) read with Section 122(5) of the Income Tax Ordinance, 2001 for the tax year 2007 making an addition of undeclared sales of Rs. 15,174,509/- to the total income. Against this treatment, the assessee filed an appeal before the CIR (Appeals-ll), Lahore who, vide his order dated supra held that the action of the Taxation Officer being justified does not call for any interference. 3. Both the learned representatives appearing at the bar have heard and the available relevant record perused. 4. We have…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492