Law: Income Tax Ordinance, 2001

Section: 121(1)(d),129,174(1),182,214C

APPELLATE ORDER U/S 129 OF THE INCOME TAX ORDINANCE, 2001 This appeal is directed against order u/s 121(1)(d) of the Income Tax Ordinance 2001 (the Ordinance) dated 31.05.2016 passed by the Inland Revenue Officer, Audit Unit-I, RTO, Rawalpindi. 2. Brief facts of the case as per impugned order are that the appellant taxpayer filed return of income for tax year 2014 declaring net income at Rs. 410,000/-. The case was selected for audit u/s 214C of the Ordinance. During the audit proceedings, books of accounts etc. were requisitioned by the department but the appellant failed to provide the same and respond to show cause notice, therefore the officer assessed income by making addition out of trading account at Rs. 1,731,985/-. 3. The taxpayer, being dissatisfied with the impugned order, filed appeal on the following grounds:- i) That the order passed by the assessing officer is bad in law and contrary to the facts and circumstances of the case. ii) That the addition in trading account were made at Rs. 1,731,985/- is illegal and unjustified as no plausible reason mentioned in the assessment order. iii) That in my business vicinity in most of the cases the assessing officer imposed tax between Rs.20,000/- to Rs.40,000/- and in my case huge tax at Rs.275,897/- is imposed which is against all set norms of justice. iv) That not a single case in which the taxpayer produced books of accounts and reasonable assessment were completed in these cases and no penalty for non production of record were imposed in these cases. In my case huge tax was imposed and also issue notice u/s 182 for imposition of penalty which is also illegal and unjustified. 4. The taxpayer has also filed application for stay of recovery…

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