Law: Income Tax Ordinance, 2001

Section: 113,113(1),113(2),122,122(1),122(5A)

INCOME TAX ORDINANCE, 2001 (XLIX OF 2001)---Sections: 113, 122, 122(1) 122(5A) - Amendment of assessments - Minimum tax on the income of certain persons - Appellant engaged in the business of manufacturing items of stationery - Deemed assessment order u/s 120 amended u/s 122(1) by DCIR - Computation of taxable income and tax payable under normal and final tax regime - Show Cause Notice proceedings culminated to the passing of order u/s 122(5A) by the ADCR - Confirmation of order by CIR(A) - Validity - Adjustment of carried forward of excess amount - Scope - FACTS Brief facts of the case as gleaned from the impugned orders are that appellant is engaged in the business of manufacturing items of stationery. The deemed assessment order under section 120 was amended under section 122(1) by DCIR on 17.08.2015. In such assessment under section 122(1), the DCIR computed the taxable income and tax payable under the normal and final tax regime. The ADCIR, Range-B, Zone-I, Large Taxpayers Unit-II, Karachi issued a show cause notice under section 122(5 A) dated 20.11.2017 in which he opined that computation of taxable income and tax payable thereon reproduced above is erroneous in so far as it was prejudicial to the interest of revenue. The proceedings were culminated by passing the order u/s. 122(5A) ibid. Being aggrieved from the order passed by the ADCIR, the taxpayer filed appeal before the learned CIR(A), who vide order mentioned supra, confirmed the order of the ADCIR, hence the instant appeal before this Tribunal. ARGUMENTS The learned AR for the appellant Mr. Arshad Siraj Advocate re-iterated the contentions and submitted that the scheme of law in question has been misinterpreted by the ADCIR and has been wrongly confirmed by CIR(A) as in the impugned order the ADCIR has perversely and by misinterpreting the provisions of clause (c) of sub-section (2) of section 113, has denied the adjustment of the excess amount paid by the appellant under sub-section (1) of section 113, for tax year 2010 and 2011 by taking the difference of tax chargeable for the year under consideration i.e. Tax year 2013 under Part-I of Division-II, of the First Schedule to the Income Tax…

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