Law: Income Tax Ordinance, 2001

Section: 21,21(c),111(1)(b),111(1)(d),121(1)(d),1 22(1),122(5),153(7)(i),169(1)(b),177(10) ,182(1),182(2),233

Law: Income Tax Ordinance, 2001

Section: 21,21(c),111(1)(b),111(1)(d),121(1)(d),1 22(1),122(5),153(7)(i),169(1)(b),177(10) ,182(1),182(2),233

Income Tax Ordinance (XLIX of 2001)- -Ss. 21(c), 111(1)(b), 120, 121(1)(d), 122(1)(5), 153(7)(i) & 177-- Deduction not allowed in computing chargeable income-Best assessment, amendment of assessment-Taxpayer, a motorcycle dealer, filed return of income declaring net profit- Taxpayer's case was selected for audit-Department confronted issues regarding under declaration of amounts received from principal company to taxpayer-Reply of taxpayer having not been found satisfactory, Assessing Officer proceeded to pass order under S.121(1)(d) of the Income Tax Ordinance, 2001-Total income of the taxpayer was assessed by making addition under S. 111(1)(b) and S. 21(c) of the Ordinance-Appellate authority confirmed the order passed by Assessing Officer-Validity-Purchases made by the taxpayer were not covered by S. 21(c) of the Income Tax Ordinance, 2001, as same dealt with the specific expenses-Addition under said provisions of law, could be made on account of purchases-Assessing Officer had not established that taxpayer was a prescribed person under S. 153(7)(i) of the Income Tax Ordinance, 2001 for the tax year under consideration; as a result, the addition made under S. 21(c) of the Income Tax Ordinance, 2001 was illegal and stood deleted-Addition made under S. 111(1)(b) of the Income Tax Ordinance, 2001, was also not legally maintainable as said section dealt with the case of any investment made by a person or being the owner of any money or valuable articles, which were not the facts of the present case-Order passed by Assessing Officer had revealed that from the beginning of proceedings through the issuance of show-cause notice till the finalization of assessment, the taxpayer had been confronted and proceeded under provisions of S. 111(1)(d) of the Income Tax Ordinance, 2001-Assessing Officer invoked and applied the provisions of S. 111(1)(d) as well as S.21(c) of Income Tax Ordinance, 2001, which were not applicable to the facts of the case-Addition made under S. 111(1)(b) was also deleted-Order passed by Assessing Officer was not a best assessment; but order passed by him appeared to be an order of amendment of assessment under S.122(1)(5) of the…

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