| Citation(s) |
|---|
| 1998 SLG 107 1998 SLD 107 1998 PTCL 19 1998 PTD 860 |
Appellate Tribunal Inland Revenue
I.T.As. Nos.6666/LB, 6665/LB of 1992-93, 2009/LB, 2010/LB of 1995, 5588/LB, 5589/LB of 1992-93, 1989/LB, 1990/LB of 1995 and 1860/LB of 1996, decision dated: 3r-11-1997, hearing DATE : 25-10-1997
NAZEER AHMAD SALEEMI, ACCOUNTANT MEMBER AND NASIM SIKANDAR, JUDICIAL MEMBER
Mian Ashiq Hussain for Appellant (in I.T.As. Nos.6666/LB, 6665/LB of 1992-93, 2009/1.13 and 2010/LB of 1995). Fiza Muzaffar, D.R. and Shafqat Mehmood Chohan, L.A. for
Respondent (in I.T.As. Nos.6666/LB, 6665/LB of 1992-93, 2009/LB and 2010/LB of 1995).
I.T.As. Nos.6666/LB, 6665/LB of 1992-93, 2009/LB, 2010/LB of 1995, 5588/LB, 5589/LB of 1992-93, 1989/LB, 1990/LB of 1995 and 1860/LB of 1996, decision dated: 3r-11-1997, hearing DATE : 25-10-1997
NAZEER AHMAD SALEEMI, ACCOUNTANT MEMBER AND NASIM SIKANDAR, JUDICIAL MEMBER
Mian Ashiq Hussain for Appellant (in I.T.As. Nos.6666/LB, 6665/LB of 1992-93, 2009/1.13 and 2010/LB of 1995). Fiza Muzaffar, D.R. and Shafqat Mehmood Chohan, L.A. for
Respondent (in I.T.As. Nos.6666/LB, 6665/LB of 1992-93, 2009/LB and 2010/LB of 1995).
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Law: Income Tax Ordinance, 1979
Section: 32(3),32A
(a) Income Tax Ordinance (XXXI of 1979)----S. 32(3)---Rejection of accounts---Higher gross profit rate in the past made basis for rejection of account ---Validity---Assessee had maintained the accounts properly and no fault could be found with the method of accounting---Held, higher gross profit rate in the past under special circumstances, could not be made the basis of rejection of accounts. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.32-A---Rejection of accounts---Audited accounts were duly certified by the company of chartered accountant---Defects pointed out by the department being not sustainable, rejection of accounts was not justified in circumstances. (c) Income Tax Ordinance (XXXI of 1979)--- ----Ss.32(3) & 32-A---Rejection of accounts---Purchases had nowhere been attacked by the Assessing Officer ---Assessee had not been blamed for inflating costs of sales and trading account was verifiable which was accepted by the department---Sales were admittedly made through commission agents in whose hands the purchases had been accepted by the department---No specific defects had been pointed out in the books of accounts---Notice under. S.62, Income Tax Ordinance, 1979 had not been issued to the assessee--¬Chartered accountant had audited and verified the accounts---Held, in circumstances, there was hardly anything left with the department to interfere with the declared result in the light of audited report which was in line with the prescribed procedure---Question of estimate of sales and application of gross profit rate, thus, did not arise. (d) Income Tax Ordinance (XXXI of 1979)--- ----S. 32-A---Rejection of accounts---Validity---Accounts of assessee were properly audited in accordance with relevant law---No sound reasoning had been given by the department for rejection of accounts---No defects had been found and pointed out in the books of accounts of assessee but the common phrases like "unverifiable sales and various expenses" had been used---No charge had been levelled regarding inflated debt side of the trading account--¬Sales had been made through commission agents in whose hands the same had been accepted by the department---Held, with all…
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