Law: Income Tax Ordinance, 2001

Section: 122,122(1)(9),120,177,37(5),111,182

Income Tax Ordinance (XLIX of 2001)----Ss. 122(1)(9), 120, 177, 37(5), 111 & 182----Amendment of assessment---Adjustment of loss of Association of Persons against salary income was disallowed; and addition from gain arising on sale of immovable properly (plot) treating the same as adventure in the nature of trade and income from undisclosed source under S.111 of the Income Tax Ordinance, 2001; and penalty was also imposed under S.182(1) of the Income Tax Ordinance, 2001---Addition on account of disallowance of adjustment of loss from Association of Persons was confirmed by the First Appellate Authority---Reply of taxpayer in respect of gain on sale from immovable property was considered general in nature and not convincing; and addition made being in the nature of adventure in the nature of trade was also confirmed---Addition under S.111 of the Income Tax Ordinance, 2001 was ordered for deletion by accepting the reconciliation of the taxpayer; and penalty was ordered to be modified as a consequence of reduction in income---Taxpayer contended that gain on sale of immovable property was clearly outside the purview of S.37 of the Income Tax Ordinance, 2001 as for the purpose of capital gain from the sale of immovable property had been excluded from the definition of capital asset under S.37(5) of the Income Tax Ordinance, 2001---Validity---First Appellate Authority had rightly upheld the action of Assessing Officer in respect of set off of Association of Persons loss against salary income and income earned from the sale of plot---Charge of penalty on modified/annulled income was not upheld by the Appellate Tribunal---Appeal of taxpayer partly succeeded and departmental appeal was rejected. I.T.As. Nos.25, 26, 27/KB of 2012 ref. (b) Income Tax Ordinance (XLIX of 2001)--- ----S.182---Exemption from penalty and default surcharge---Penalty was deleted by the First Appellate Authority by holding that the Taxation Officer had not mentioned the sub-clause under which the addition was made---Validity---Appellate Tribunal held that finding of First Appellate Authority was fair and just calling for no interference---Departmental appeal failed. I.T.As. Nos.25, 26, 27/KB…

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