Law: Income Tax Ordinance, 2001

Section: 120(1)(b),122(1),177(6),214D

ORDER: M. M. AKRAM (Judicial Member):---.--- The titled appeal has been filed by the appellant taxpayer against the Order-in-Appeal No.41/2021 dated 10.08.2021 passed by the learned Commissioner Inland Revenue (Appeals-I), Islamabad for the Tax Year 2017 on the grounds as set forth in the memo of appeal. 2. Brief facts giving rise to the appeal are that the appellant taxpayer is an individual who derives income from salary and foreign source immovable property income. Income tax return for the period under consideration was e-filed on 06.06.2018 declaring salary income of Rs.12,169,200/- and foreign immovable property income of Rs.5,083,722/ which constituted a deemed assessment order in terms of section 120(1)(b) of the Income Tax Ordinance, 2001 (“the Ordinance”). The wealth statement as of 30.09.2018 was also e-filed with the return of income declaring total assets therein at Rs.55,077,616/-. Subsequently, the case was selected for audit under section 214D of the Ordinance, and intimation in this regard was issued by the concerned Commissioner on 15.11.2018. Thereafter, an Information Document request under section 177(1) of the Ordinance was issued to the taxpayer through IRIS. Subsequently, the case of the appellant was transferred to the AEOI Zone, Islamabad. Information Document Request was once again issued to the appellant vide letter dated 16.12.2020 wherein the appellant was requested to furnish various details, documents, and other related information about the declaration made in the Income Tax return filed by the appellant for the Tax Year 2017. The appellant filed a reply along with certain documentation on 25.12.2020. After examining the same, notice under section 177(6) of the Ordinance was issued to the taxpayer on 06.01.2021. After considering the reply/rebuttal of the appellant order under section 122(1) of the Ordinance was passed on 29.01.2021 wherein add-back on account of foreign property income was made to the tune of Rs.5.083,722/- and tax payable determined at Rs.1,461,906/-. Being aggrieved, the appellant filed an appeal before the learned Commissioner Inland Revenue (Appeals-I), Islamabad who decided the appeal of the appellant…

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