Law: Income Tax Ordinance, 2001

Section: 114,115,115(4),120,120(1),122,122(5A),15 4,154(4),169

Law: Income Tax Rules, 2002

Section: R.34,39

(a) Income Tax Ordinance (XLIX of 2001)- -Ss. 115, 114, 122, 120, 154 169-Persons not required to furnish return of income-Return of income-Amendment of assessment- Export-Tax collected or deducted as a final tax-Scope-Appellant filed statement in terms of S. 115(4) of Income Tax Ordinance, 2001 declaring export receipts covered under Final Tax Regime for the years 2014 and 2015 respectively-Declared receipts were deemed to be treated as assessment in terms of S. 120(1), Income Tax Ordinance, 2001-Additional Commissioner found that deemed assessments completed were erroneous insofar as prejudicial to the interests of revenue for the reasons communicated through show cause notice- Proceedings were concluded and deemed assessments were amended under S. 122(5A), Income Tax Ordinance, 2001; total income for tax years 2014 and 2015, subject to normal tax and capital gains, was assessed at the rate of 10%-Validity-Appellant exported 100% of its textile products after getting manufactured, as such, was under legal obligation to furnish the statement in terms of S. 115(4) instead of filing normal tax return under S. 114-Under S. 115(4), such particulars in such forms and verified in such manner as prescribed on the basis of liability determined under S. 154 were to be declared as the deduction of tax so made was the final taxation under subsection (4) of S. 154 and the statement filed under subsection (4) of 115 was to be taken for all purposes of Income Tax Ordinance, 2001 to be an assessment order in terms of clause (b) of subsection (3) of S. 169-Authorities below had misinterpreted and misconstrued subsection (3) of S. 169-Section 169 merely referred that where all the income driven by a person was subjected to final taxation under subsection (1) or under Ss. 5, 6 7, the person was not required to furnish a return of income under S. 114-Said assessment had to be treated as having been made under S.120-Legislature by its wisdom added the word "and" in between the two phrases; one that "the person shall not be required to furnish a return of income under S. 114 of the Ordinance for the year" and the other "an assessment shall be treated to have been made under S. 120…

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