Law: Income Tax Ordinance, 2001

Section: 122,177,122(1),122(9)

[Income Tax Ordinance (XLIX of 2001)].....Sections. 177 & 122(1)...Audit...Construction of plazas...Sale of shops, offices and flats...Declared sales were not supported by attested registered sale-deeds...Estimation of sales on the basis of two agreements executed between the purchasers and the assessee...Validity...Actual sale price was discovered by the Taxation Officer through sale agreement executed between the purchaser and the assessee...When Taxation Officer discovered the actual sale price, the taxpayer tried to extricate itself by pleading that the purchasers had purchased the offices from third parties with whom the assessee had no concern...Plea of the taxpayer was belied by the fact that the names of such purchasers/customers were disclosed in the lists of buyers submitted by the taxpayer itself...Taxpayer had not only been persisting in non-compliance but also producing only those documents which suited its interest of getting away with assessments of its own choice...Taxpayer did not approach the taxation officer with clean hands as it did not deliberately produce the pertinent information before the taxation officer including bank statements and schedule of payments according to which the customers made payments to it for the purchase of offices and flats...Taxation Officer successfully proved under-statement in the disclosed sale price from the taxpayer's own record and details filed during the course of audit proceedings...Estimate of sales was upheld by the Appellate Tribunal in circumstances. (b) Income Tax Ordinance (XLIX of 2001)---Ss. 122(9) & 177...Amendment of assessment...Cost of construction ...Taxation Officer issued another notice under S.122(9) of the Income Tax Ordinance, 2001 whereby the taxpayer was confronted with "appropriate addition" out of cost of construction on the ground that the declared cost was not open to verification...Taxpayer submitted that there was no justification to change the earlier stance and confront the taxpayer with an altogether new basis of addition and that too when the taxpayer had successfully proved that its declared cost of construction was more than reasonable, being favourably comparable…

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