Law: Income Tax Ordinance, 2001

Section: 21(l),111,111(1),111(1)(a),120,120(1),12 1,121(1)(d),122(1),122C,122(5A),122(5),1 22(5)(i),122(5)(ii),122(5)(iii),122(8),1 22(9),174(2),177,177(6)

Law: Constitution of Pakistan, 1973

Section: 10

THIS ORDER PASSED BY: NAZIR AHMAD (CHAIRMAN):---.--- The titled further appeal pertaining to tax year 2009 filed at the instant of the taxpayer has been directed against the appellate order dated 06.09.2017 recorded by CIR(Appeals-II), Lahore. 2. Brief facts of this case leading to the instant appeal are that the appellant, a private limited company, deriving income from running a steel re-rolling mills, filed income tax return for the year under consideration declaring loss of Rs. (1,115,377), which was treated to be an assessment order in terms of section 120(1) of the Income Tax Ordinance, 2001 (hereinafter called The Ordinance). Later on, the appellant was confronted, with notice U/s 177 and proceedings were initiated accordingly. The appellant approached the Honourable Lahore High Court, Lahore and the proceedings were halted. Subsequently, the department proceeded against the appellant u/s 122(5A) and amended the original assessment order vide order dated 30.06.2014, whereby income was worked at Rs. 2,925,830/-. Subsequently, the case of the taxpayer was selected for audit u/s 177 of the Ordinance. Therefore, the taxpayer was required to produce books of account alongwith other supportive material by way issuance of statutory notice but allegedly no compliance was made. Another show cause notice was issued by the taxation officer, against which explanation tendered by the taxpayer was treated unsatisfactory. Resultantly, the proceedings culminated in passing of amended assessment order u/s 122(1)/(5)/177 of the Ordinance dated 29.06.2015, wherein income of the taxpayer was determined at Rs. 40,047,724/-. Being aggrieved, the taxpayer filed appeal before the CIR(Appeals-II) Lahore who partly confirmed the order of the taxation officer thereby upholding all additions except one made u/s 111(1)(a) of the Ordinance amounting to Rs. 868,980/- made on account of Balance sheet. Still discontented, the taxpayer has come up in further appeal before this tribunal on the strength following grounds taken as per memo of appeal:- I) That the Impugned order dated 29.06.2017 passed by respondent No. 1 and its confirmation by respondent No.2 is bad in law, facts and…

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