Law: Income Tax Ordinance, 2001

Section: 39,111(1)(a),111(1)(b),111(1)(2),177,122 (1)

Law: Income Tax Ordinance, 2001

Section: 39,111(1)(a),111(1)(b),111(1)(2),177,122 (1)

(A) Income Tax Ordinance, 2001 (XLIX of 2001)......Section 39 & 111(1)(b) Income from other sources......Completion of assessment......Taxing huge amount as deemed income solely by misapplying provisions of Ordinance by Department......Legality......Whether plain reading of order passed by IRAO makes it abundantly clear that completion of assessment by officer is not an oversight or mistake, but it is result of thought process by which officer has been guided and conducted proceedings in arbitrary manner......Held yes......Whether such like attitude of tax Department to show muscles neither serves public exchequer nor economy of country......Held yes......Whether without considering clearly worded order issued by High Court huge amount has been taxed as deemed income solely by misapplying provisions of ordinance which is patently illegal......Held yes. A plain reading of the order passed by IRAO makes it abundantly clear that the completion of assessment by the officer is not an oversight or mistake but it is the result of the thought process by which the officer has been guided and conducted the proceedings in an arbitrary manner. Taxpayer is not to be put under fear that he has to remember scenario of each and every entry at the end of year. Rather he has to work freely and concentrate upon his business to earn money. If he will earn something, he will pay to government exchequer because in corporate sector taxpayers each and every unit is in-fact a partner of the exchequer for 35% of their profits. Such like attitude of Tax department to show the muscle neither serves the public exchequer nor the economy of the country. Strange enough that without considering the clearly worded order issued by the Hon'ble High Court a huge amount of Rs.81,684,612/- has been taxed as deemed income solely by misapplying the provisions of the Ordinance which is patently illegal. (B) Income Tax Ordinance, 2001 (XLIX of 2001)......Sections 111(1)(2), 111(1)(b), 177 & 122(1)......Amendment of assessments......Selection of case for audit......Unexplained income or assets......Addition by taxation officer......deletion by C1R(A)......Validity......(1) Whether it is quite…

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