Law: Income Tax Ordinance, 2001

Section: 60A,120,122(1),221

Income Tax Ordinance (XLIX of 2001)- -Ss.60-A, 120, 122(1) & 221-Amendment of assessment- Rectification of mistake-Contention of taxpayer was that Commissioner Inland Revenue (Appeals) had erred in maintaining the action of Additional Commissioner Inland Revenue in calculating *depletion allowance"-Taxpayer also sought consequential relief in the liability of Workers Welfare Fund-Validity-Calculation of "depletion allowance" was justified and contention of taxpayer was repelled-Commissioner Inland Revenue (Appeals) had clearly issued directions to the Adjudicating Officer for allowing the relief in liability of Workers Welfare Fund after verification-Taxpayer, in circumstances, had already been granted required consequential relief in shape of the directions-Order accordingly. THIS ORDER PASSED BY: MRS. AMBREEN ASLAM, (JUDICIAL MEMBER):---.--- Through this order, we intend to dispose of this appeal filed by the appellant/ taxpayer against the Order No. 17/A-I, dated 30-12-2013 (Tax year 2008), passed by the learned Commissioner Inland Revenue (Appeals-I), Karachi on the following grounds: i. The order of the Commissioner Inland Revenue (Appeals I), CIR (A) is bad in law and on facts of the case. ii. The CIR (A) has erred in maintaining the action of the Additional Commissioner Inland Revenue [ACIR] in calculating depletion allowance at Rs. 1,742,897,457 being 15 per cent of Rs. 11,619,316,380 instead of Rs. 2,210,616,866 being 15 per cent of Rs. 14,737,455,770. iii. The appellant seeks consequential relief in the liability of Worker's Welfare Fund. iv. Your appellant craves leaves to add to amend or alter the above grounds of appeal. 2. Brief facts of the case are that the taxpayer is a non-resident company incorporated in the United State of America and is engaged in exploration and production of petroleum. The return of income tax year 2008 was filed by the taxpayer declaring total income under normal law at Rs. 3,583,381,000 which was treated as an assessment order deemed to have been issued in terms of section 120 of the Income Tax Ordinance, 2001. The assessment was finalized under section 122(1) of the Income Tax Ordinance, 2001 at total income of Rs.…

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