Law: Income Tax Ordinance, 2001

Section: 122,(5A),122(9)

Income Tax Ordinance, 2001 (XLIX of 2001) - Section 122 (5A) & 122(9) - Clause (101) of Part-I of Second Schedule to Ordinance - Venture Capital Company and Venture Capital Fund Rules, 2001, Banking Finance Companies (Establishment and Regulation) Rules 2003, Rule 2(1)(l) - Amendment of Assessments - TR.G. International treated as venture project - Claim of operating expenses treated as pre-commencement expenses, thus disallowed - Share issue expenses and legal and professional charges treated as capital expenses and claim of amortization thereon disallowed - Income derived from profit on debt treated as Income from other sources - Depreciation on fixed assets and claim of exemption also disallowed - TRG International found not qualifying to be venture project by Addl. Commissioner - Treatment meted out to Appellant confirmed by CIR - Validity - Delegation of Powers - Jurisdiction of Addl. Commissioner to make amendment in already completed assessment - Scope - Whether ratio of rendered by Supreme Court while deciding CP No. 1664-1665/2009, dated 11-9-2009 is that Addl. Commissioner under delegated authority can perform functions and exercise powers of Commissioner with specific reference to Section 122(5A) of Ordinance thus order u/s I22(5A) passed by Addl. Commissioner is legal and within lawful authority - Held yes - Whether TRG, being company formed under Venture Capital Company and Venture Capital Fund Rules, 2001 is squarely covered under Clause (101) of Part I of 2"d Schedule to Income Tax Ordinance, 2001 and qualifies for exemption in aforesaid Clause in both Tax Years under consideration - Held Yes. Whether Finding of CIR(A) that intelligibility of Taxpayer as venture capitalist and its non-recognition as Non-Banking Finance Company or Authorization of carry out business activities should have been matter of concern of A.O. is disagreed by Tribunal - Held yes. However, the issue of powers of the Commissioner delegated to the Taxation Officer under section 210 of the Income Tax Ordinance, 2001 and amendment of assessment under section 122(5A) by the Additional Commissioner is laid to rest by the Honorable Islamabad High Court in Writ Petition…

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