Law: Income Tax Ordinance, 2001

Section: 111,174,175,176,176(1)(b),177,178,179,18 0,181,182,205,207,221

Law: Anti Money Laundering Act, 2010

Section: 3,5,8(1),9(1),14,15

(a) Income Tax Ordinance (XLIX of 2001)---S. 176--Anti-Money Laundering Act (VII of 2010), S. 3--Notice to obtain information or evidence--Offence of money laundering-- Scope--Petitioners through constitutional petitions attempted to set the process at naught from initiating the proceedings as undertook by the Income Tax department in terms of S. 176(1)(b) of Income Tax Ordinance, 2001--Case of petitioners was that such powers could not have been conferred upon the concerned Deputy Director and that the authority had already made up its mind that it was not only the case of tax evasion but also the case of laundered money--Validity--Deputy Director was duly empowered through SRO No. 115(I)/2015 to issue the summons--No one could deny powers and jurisdiction of the concerned officer requiring explanation of an amount which was not taken into consideration for taxation purposes, however, it was a pre-conceived idea that such amount was laundered money--Unless and until such explanation was forwarded and an opportunity was given to the petitioners to explain the un-accounted amounts, not made part of the taxable income, it would be premature to consider the amount as laundered money--Petitioners were directed to forward their reply along with documents and explanation as required in the impugned notices/summons and opportunity of hearing was directed to be provided to them to enable the department to reach a just and fair conclusion--Petitions were disposed of accordingly. (b) Income Tax Ordinance (XLIX of 2001)---S. 111--Anti-Money Laundering Act (VII of 2010), S.3--Unexplained income or assets--Offence of money laundering-- Scope--Non-declaration of an asset by an assessee under the Income Tax Ordinance, 2001, is not a scheduled offence, unless proved otherwise as required under the Anti-Money Laundering Act, 2010. PLD 2021 SC 1 ref. (c) Anti-Money Laundering Act (VII of 2010)---Ss.3 5--Offence of money laundering--National Executive Committee to combat money laundering--Scope--Under the Anti- Money Laundering Act, 2010, a person is presumed to be guilty of offence of money laundering if he acquires, converts, possesses, uses or transfers property knowing or…

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