Law: Income Tax Ordinance, 2001

Section: 19,21(c),39(3),65-D,111,159(1),221

(a) Income Tax Ordinance (XLIX of 2001)-- S. 65-D- Newly established industrial undertaking- Tax credit- Object- Spirit of S. 65-D of Income Tax Ordinance, 2001 is to give 100 (Percent) tax credit ta new industrial undertaking so as to boost economy on one hand and encourage investment in country on the other. 2013 PTD 1883 rel. (b) Income Tax Ordinance (XLIX of 2001)--Ss. 39(3), 65-D, 19 & 221 Tax credit- Newly established industrial undertaking- Rectification of mistake-Fishing inquiries- Taxpayer was a newly established industrial undertaking and was aggrieved of assessment erroneously made- Validity- Benefit under S. 65-D of Income Tax Ordinance, 200was available to taxpayer since he had submitted requisite record and documents which were necessary for availing 100 (percent) tax credit- Fishing enquiries on basis of assumptions as resorted by authorities were neither warranted under the law nor conducive for boosting economy- Appellate Tribunal Inland Revenue allowed facility under S. 65-D of Income Tax Ordinance, 2001 as requisite documents which were also furnished adequately fulfilled requirement of S. 65-D of Income Tax Ordinance, 2001 and were inadvertently not considered- Appellate Tribunal Inland Revenue deleted additions made under Ss. 21(c) & 111 of, Income Tax Ordinance, 2001 which were not properly considered and additions were' made on assumption and presumption basis- Orders were rectified accordingly. 1983 PTD 246; 2017 PTD 2227; 1998 PTD (Trib.) 3866 and 2000 PTD 2407 ref. THIS ORDER PASSED BY: SHAHID MASOOD MANZAR (CHAIRMAN):---.--- The instant two applications have been filed by the applicant/taxpayer requesting for rectification in the consolidated order dated 02.03.2017 of this Tribunal in I.T.A. NO.2010/LB/2016 for tax year 2014 and I.T.A. No.2056/LB/2016 for tax year 2015 to be rectified under section 221 of the Income Tax Ordinance, 2001 due to factual as well as legal mistakes apparent from the record on the following grounds: i. That the titled appeal was filed by the applicant in this august Forum which was remanded back to the assessing officer for de novo proceedings with the direction to finalize assessment after decision…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492