Law: Income Tax Ordinance, 2001

Section: 116,116(3),122(1),122(4)

[Income Tax Ordinance (XLIX of 2001)].....Sections 116(3), 122(1), 122(4),,. Miscellaneous Application, rectification of,. Wealth Statement, revision of,, Non-acceptance of revised wealth statement by the department,, Tax-payer declared net wealth at Rs. 68,50,000/- in the original wealth statement, on inquiry from the Assessing Officer, the tax-payer revised it to the tune of Rs. 1,718,174/-,,. It was not the case of the department that the prize bonds worth Rs.1,000,000/- jewellery worth Rs.2,500.000/- and cash in hand at Rs.1,300,000/- had been seen by the departmental officer or its existence with the taxpayer was proved through any banking transaction,... When a person says that it was declared wrongly or through an omission, then onus of proof shifts upon the department to prove that it was a mis-declaration and these things were actually his belongings or in his possession,. Cash, jewelry and prize bonds are moveable property,.. According to Section 116(3), Where a person, who has furnished a wealth statement, discovers any omission or wrong statement therein, he may, without prejudice to any liability incurred by him under any provision of this Ordinance, furnish a revised wealth statement at any time before an assessment, for the tax year to which it relates, is made under sub-section (1) or sub-section (4) of section 122,.. Tribunal's findings that it is a peculiar case in which taxpayer has reduced his wealth statement resulting in his own less white money, therefore, application has no force and same is hereby dismissed. ORDER 1. The department has filed this miscellaneous rectification application to rectify the Tribunal's order dated 10.03.2011 on the following grounds:- 1. That revision of the original wealth statement as on 30 05.2007 is an after thought as the taxpayer has failed to offer any explanation for the prize bonds worth Rs.1,000.000/- jewellery worth Rs.2.500.000/ - and cash in hand at Rs.1,300,000/- declared in the original wealth statement as on 30.06.2007. 2. Revision of wealth statement can not be accepted merely for the reason that the taxpayer has revised the said statement, he has to justify, and explain the revision with…

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