Law: Income Tax Ordinance, 1979

Section: 22

Income Tax Ordinance (XXXI of 1979)---S. 22---Income from business---III-health cause of decline in business --¬Assessee returned sales--: Same was declined and adopted at high altitude--¬First Appellate forum confirmed treatment---Held, considering submissions of assessee that he was not keeping good health as a result of which sales may have been declined---Sale estimate was fixed at Rs.5,50,000 instead of Rs.6,00,000. ORDER INAM ELLAHI SHEIKH (ACCOUNTANT MEMBER).---An individual assessee, deriving income front purchase and sales of electric goods, has filed this further appeal against the Order dated 2Q-5-1992 recorded by the learned Commissioner of Income Tax (Appeals), Zone III, Faisalabad. 2. Relevant facts, in brief, are that the assessee filed a Return to declare the income at Rs.53,430 which was assessed at Rs.68, 000. Sales were declared at Rs.5, 00,000 with a G.P. Rate of 15%. The Assessing Officer estimated the…

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