Law: Income Tax Ordinance, 2001

Section: 29,114,120,122(5A),122(9)

Law: Income Tax Ordinance, 1979

Section: 23(i)(x)

Income Tax Ordinance (XLIX of 2001)- -Ss. 29, 114, 120 & 122(5-A)-Amendment of assessment-Bad debt, deletion of-Return of income filed by taxpayer was deemed as assessment order under S.120 of the Income Tax Ordinance, 2001- Said assessment was considered erroneous and prejudicial to the interest of revenue requiring amendment under S.122(5A) of Income Tax Ordinance, 2001 and Adjudicating Authority amended the assessment accordingly-Appeal filed by the taxpayer against impugned order was allowed by deleting the addition of "bad debts" written off- Validity-Issue of ubad debt" written off, was remanded by the Appellate Tribunal to the Assessing Authority for de novo proceedings, with direction to re-do the assessment proceedings with regard to deletion of bad debt and proceed accordingly after careful examination of facts of the case, and considering the evidence produced by the taxpayer strictly in accordance with law within sixty days after affording the proper opportunity of being heard to the taxpayer- Tribunal for their directed that while determining as to whether the expenditure was wholly and exclusively, laid out for the purpose of the business; the reasonableness of the expenditure should be considered from the point of view of the businessman, and not that of an outsider, including the Income Tax Officer. 2011 PTD (Trib.) 1716 ref. THIS ORDER PASSED BY: MUHAMMAD JAWED ZAKARIA, JUDICIAL MEMBER: ---.--- Above captioned appeals relating to the tax years 2009 and 2010 respectively have been filed by the Department challenging the impugned orders dated 30-11-2011 passed by the learned Commissioner Inland Revenue (Appeals-I), Karachi on the following common ground: - "..2. That the learned Commissioner of Inland Revenue (Appeal- I) was not justified to delete addition of bad debts written off on the ground that provision of bad debts have been added back in income in preceding years despite the facts the conditions for admissibility of bad debt expense as laid down in section 29 are not fulfilled." 2. Brief facts of the case are that the taxpayer is an unlisted public limited company incorporated in Pakistan in 1992, under the Companies Ordinance, 1984…

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