Law: Income Tax Ordinance, 2001

Section: 13(1)(aa),111,111(1)(a),111(1)(b),122(1) ,122(5),133,133(5)

Income Tax Ordinance (XLIX of 2001)- -Ss. 133 & 111-Unexplained income or assets-Reference to High Court-Findings of facts-Scope-Applicant-department assailed the order of Appellate Tribunal wherein it had given findings of facts that the assessing authority had treated the credit entries appearing in the Bank accounts as business receipts/sales for the tax year; that it had failed to establish that the taxpayer had made any investment or was found to be the owner of money and that it had, without verification and examination of relevant record/balance sheet, hurriedly made the addition on presumption-Department could not show that the findings of facts were perverse, contrary to record or suffered from any other legal infirmity or impropriety warranting interference in Reference jurisdiction-High Court had to decide the reference application in the exercise of its advisory jurisdiction on facts and circumstances founded by the Appellate Tribunal, which was the last fact findings forum- High Court could not change findings of facts arrived at by the Appellate Tribunal-Reference application was decided against the department. Messrs F.M.Y. Industries Ltd. v. Deputy Commissioner Income Tax 2014 SCMR 907 ref. ORDER This order shall also dispose of ITR No. 255493 of 2018 titled "Commissioner Inland Revenue v. Messrs Malik Usman" as common questions of law and facts are involved in these cases. 2. Through this Reference Application under section 133 of the Income Tax Ordinance, 2001 ("the Ordinance of 2001"), following question of law, arising out of impugned consolidated order dated 28.08.2018, passed by learned Appellate Tribunal Inland Revenue, Lahore Bench, Lahore ("Appellate Tribunal"), has been pressed and argued for our opinion:- "Whether on the facts and in the circumstances of the case, the Tribunal was justified to delete the addition made under section 111(1)(b) of the Income Tax Ordinance, 2001 on account of concealed closing bank balance which remained unexplained despite provision of ample opportunity of being heard?" 2. Brief facts of the case are that original deemed assessment in this case was amended under sections 122(1)/122(5) of the…

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