Law: Income Tax Ordinance, 1979

Section: 32(3)

(a) Income Tax Ordinance (XXXI of 1979)----S.32(3)---Rejection of accounts---Validity---Method of accountancy--¬Assessee is entitled to adopt any method of accounting and Assessing Officer is bound to form his opinion on the basis of material available in the account books and cannot reject the same unless he feels that the method employed is defective and actual profit and gains cannot be deduced therefrom. 1994 PTD 174 and 1994 SCMR 229 ref. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.32(3)---Rejection of accounts ---Validity---Assessee, engaged in manufacturing and trading of acrylic yarn and sugar---Assessee had maintained complete excise record and had details of qualitative and quantitative production and usage of raw material, wastage etc.--¬Maintenance of stock register, in qualitative was not necessary for acceptance of accounts. (c) Income Tax Ordinance (XXXI of 1979)--- ----S.32(3)---Rejection of accounts---Validity---Assessment has to be made on the basis of facts of each year and every assessment year is independent--¬Rejection of accounts on the basis of history of case was not justified as there was no res judicata in income-tax proceedings. PLD 1992 SC 562 and 1974 PTD 123 ref. (d) Income Tax Ordinance (XXXI of 1979)--- ----S.32(3)---Rejection of accounts ---Validity---Assessee-company had presented a properly audited accounts---Assessing Officer, could not simply discard the accounts without assigning any sound reasons. (e) Income Tax Ordinance (XXXI of 1979)--- ----S.32(3)---Rejection of accounts ---Validity---Assessee-company had produced the audit certificate from Chartered Accountant---Such certificate was not to be thrown away and accounts rejected in a summary manner. 1998 PTD (Trib.) 860 rel. (f) Income Tax Ordinance (XXXI of 1979)- ----S.32(3)---Rejection of accounts---No defect was found in the accounts of the assessee, the debit side was completely verifiable---In the absence of any specific objection on the accounts and disregard to S.32-A, Income Tax Ordinance, 1979 accounts of assessee could not be rejected. (g) Income-tax--- ----Gratuity---Add back---Validity---Amount of gratuity cannot be brought to tax even if the provision…

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