Law: Income Tax Ordinance, 2001

Section: 122(5A),113,128(5)

Income Tax Ordinance (XLIX of 2001)--- ----Ss.122 (5A), 113 & 128(5)---Amendment of assessment---Gain on disposal of assets---Taxation ---Levy of minimum tax on aggregate turnover from all sources---Revenue contended that First Appellate Authority wrongly deleted the addition made on account of taxable gain on disposal of assets and levy of minimum tax under S.113 of the Income Tax Ordinance, 2001 on aggregate of turnover from all sources---Taxpayer contended that no accumulated depreciation had been claimed by the taxpayer as machinery was imported and leased back; thus, First Appellate Authority rightly deleted the addition made on account of taxable gain on disposal of assets as no accumulated depreciation had been claimed; and issue of charging of minimum tax had not been confronted, hence there was no justification to charge minimum tax---Validity---First Appellate Authority observed that "as per lease agreement imported machinery was leased out to leasing company and there was no figure of depreciation in the audited accounts as given by the Taxation Officer in the body of order; and as per schedule of fixed assets in the audited accounts, there was addition in machinery and subsequently this addition had been reduced; and accumulated depreciation had no concern with the machinery imported during the year; and addition made on account of taxable gain was without examination of record, it stands deleted"---First Appellate Authority had given full justification keeping in view the legal and factual position of the case and no interference was required---Order of First Appellate Authority was upheld by the Appellate Tribunal and departmental appeal was dismissed. 2003 PTD (Trib.) 1135 and I.T.A. No.6249/LB of 2004 ref. ORDER This appeal has been filed by the Income Tax Department for Tax Year 2004 against the impugned order passed by the learned Commissioner Inland Revenue (Appeals) vide order No. 1 dated 2-12-2010. The department has raised the following grounds:-- GROUNDS OF APPEALS (1) That the order of the learned Commissioner Inland Revenue (Appeals-I), Lahore vide No.1, dated 2-12-2010 is bad in law and against the facts of the case. (2) That the…

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