Law: Income Tax Ordinance, 2001

Section: 111,111(1),111(1)(b),116(3),122(1),122(4 ),122(5),122(9)

Income Tax Ordinance 2001: Section 116(3) In appellant's case, the assets duly stood declared in the Revised Wealth Statement which were filed prior to finalizing of the assessment and appellant had sufficient funds for the purchase of asset and the revision of wealth statement as such was mere re-grouping of assets and wealth statement stood reconciled. Hence it was held that the DCIR was not justified in making addition u/s 111(1)(b) of the Income Tax Ordinance 2001 in respect of assets that duly stood declared and reconciliation filed. THIS ORDER PASSED BY: SAIF ULLAH KHAN, ACCOUNTANT MEMBER:---.--- This Appeal has been filed by the appellant taxpayer assailing the combined Order Nos. 49 & 50 dated 29-09-2017, passed by the learned CIR (Appeals-IV), Karachi. The Order passed by the learned CIR(A) is on the appeals filed by the appellant/taxpayer against the order passed under section 122(1) of the Income Tax Ordinance, 2001 by the Deputy Commissioner Inland Revenue, Unit-03, Zone-IV, Regional Tax Office-II, Karachi. The appellant/taxpayer has agitated against order of the learned CIR(A) through separate grounds of appeals, which are reproduced hereunder:- 1) That on facts and circumstances of the case and in law, the order of the learned Commissioner of Inland Revenue (Appeals-IV), Karachi (CIR(A)) is illegal and bad in law, contrary to the facts of the case and the order requires to be annulled. 2) That on facts and circumstances of the case and in law, the learned CIR(A) was not justified in confirming the addition of Rs. 4,312,600/- u/s 111(1)(b) of the Income Tax Ordinance, 2001 by the Deputy Commissioner of Inland Revenue (DCIR). The addition is based on misreading of facts and law and the same requires to be deleted. 3) That on facts and circumstances of the case and in law, the learned CIR(A) was not justified to confirm the addition u/s 111(1)(b) of the Income Tax Ordinance, 2001 of Rs.4,312,600/- made by DCIR for alleged non declaration of property which is based on misreading of the facts and record as the said property No.34-C, Rabat Lane No. 1. Phase VI, DHA, Karachi stood duly declared in wealth statement and the fact was duly explained to…

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