Law: Income Tax Ordinance, 2001

Section: 111(1)(b)(c),122(1),122(5),114,116

Income Tax Ordinance (XLIX of 2001)--- ----Ss.111(1)(b)(c), 122(1), 122(5), 114 & 116---Unexplained income or assets---Investment for purchase of vehicles---Addition---Taxpayer contended that a vehicle was purchased at Rs.26,50,000 on 6-1-2009 which was sold out at Rs.26,75,000 on 20-12-2009 and in pursuance the taxpayer purchased another vehicle at Rs.23,60,000 on 12-2-2010 and said vehicle was sold out at Rs.23,60,000 on 6-3-2010; and then another vehicle was purchased at Rs.8,50,000 on 30-4-2010 and same was sold out at Rs.8,70,000 on 30-9-2011; and that all these investments were made from sale of motor vehicles, copies of sales deeds along with other documents were submitted before the taxation officer but Taxation Officer wrongly and illegally made the additions at Rs.59,50,000 which was unjustified and contrary to the facts of the case---Validity---Stance of the taxpayer was not convincing and not forceful because the taxpayer was involved in sale and purchase of commercial as well as other motor vehicles but never filed return of income before issuance of notices under Ss.114 & 116 of the Income Tax Ordinance, 2001 for the tax year 2010 and no wealth statement had ever been filed---Availability of cash amounting to Rs.12,205,000 was not established---Upholding the assessment finalized under S.122(1)/122(5) and additions made under Ss.111(1)(b) & 111(1)(c) of the Income Tax Ordinance, 2001 by the First Appellate Authority was maintained. ORDER This appeal has been filed by the taxpayer against the order of learned CIR(Appeals), Faisalabad, dated 25-1-2012, whereby the learned first appellate authority upheld the assessment order passed under sections 122(1)/122(5) of the Income Tax Ordinance, 2001 by the Taxation Officer, Sargodha. 2. Facts of the case, briefly stated, are that as per information the taxpayer purchased vehicles. After the receipt of information with regard to the purchase of vehicles, the taxation officer initiated proceedings in the case of the taxpayer by issuing notices under sections 114 and 116, in response to notices return and wealth statement were filed by the taxpayer which has found that the taxpayer had not…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492