Law: Income Tax Ordinance, 2001

Section: 111(1)(d),122(5)

(a) Income Tax Ordinance (XLIX of 2001)---Ss. 111(1)(d) 122(5)---Concealment of business income from sales---Amendment of deemed assessment order---Words chargeable to tax as used at the end of sub-clause (i) of section 111(1)(d) of the Income Tax Ordinance, 2001 [the sub-clause (i)]---Said words applied to the whole of the sub-clause (i), i.e., also to the suppressed production and/or sales---If any amount can be brought within the scope of sub-clause (i) only if, and to the extent, that it is chargeable to tax (i.e., constitutes income properly so called), then production and sales must be given the same treatment---Thus, it is only production or sales chargeable to tax that can be brought within the ambit of clause (d) to section 111(1) of the Ordinance---Both under section 122(5) and section 111(1)(d) of the Ordinance, the taxpayer is exposed to the same tax liability in respect of the income that has escaped assessment, or been suppressed, i.e., he is liable to tax on the net amount, or income properly so called---Appeals were dismissed. Waris Meah v. The State and another PLD 1958 SC 157 and Jibendra Kishore Achharya Chowdhury v. Province of East Pakistan PLD 1957 SC 9 ref. (b) Income Tax Ordinance (XLIX of 2001)---Ss. 111(1)(d) 122(5)---Concealment of business income from sales---Amendment of deemed assessment order---Words chargeable to tax as used at the end of sub-clause (i) of section 111(1)(d) of the Income Tax Ordinance, 2001 [the sub-clause (i)]---Said words applied to the whole of the sub-clause (i), i.e., also to the suppressed production and/or sales---Directions given by the Supreme Court to the Federal Board of Revenue to align sections 122(5) 111(1)(d) of the Income Tax Ordinance, 2001 closely with the principles laid down in the case reported as Waris Meah v. The State and another PLD 1958 SC 157 stated. In order to further align sections 122(5) and 111(1)(d) of the Income Tax Ordinance, 2001 closely with the principles laid down in the case reported as Waris Meah v. The State and another PLD 1958 SC 157, Supreme Court directed that the Federal Board of Revenue (FBR), in exercise of its powers under the Income Tax Ordinance, 2001 (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