Law: Income Tax Ordinance, 1979

Section: 62

(a) Income Tax Ordinance (XXXI or 1979)---S. 62---Undisclosed income---While examining the books of accounts of the assessee, Assessing Officer noted a credit entry which was explained by the assessee to be advance deposits made by certain parties whose jobs were undertaken in subsequent year and advance payments received during the year under assessment were adjusted ---Assessee failed to establish that the said amount represented deposits made by other parties for jobs to be done in the subsequent year---Held, on the basis of the documents and evidence recorded, and Assessing Officer came to the right conclusion that the said amount represented undisclosed income of the assessee. (b) Income Tax Ordinance (XXXI of 1979)--- ----S. 62---Correct finding of the Assessing Officer based on material on record and sound reasoning was not liable to be set aside on the basis of the entries made in account books of the assessee in respect of subsequent years. JUDGMENT NASIR ASLAM ZAHID, J.---On the application of the applicant/assessee under section 130(1) of the Income Tax Ordinance, the learned Income Tax Tribunal has referred the following question for our opinion in respect of assessment year 1978-79 of the assessee:-- "Whether on the facts and circumstances of the case, the Appellate Tribunal had material on record to conclude that the amount of Rs.4,50,000 represented the applicant-assessee's undisclosed income?" 2. The relevant facts, as apparent from the statement of the case drawn up by the Tribunal, are that, while examining the books of accounts of the applicant/assessee for the assessment year in question, the Assessing Officer noted a credit entry of Rs.4,50,000 which was explained by the applicant to be advance deposits made by certain parties whose jobs were undertaken in subsequent year and the advance payments received during the year under assessment were adjusted. After making certain inquiries and hearing the applicant, the Assessing Officer held that the said amount was suppressed income earned by the applicant from processing of cloth but the same was shown by the applicant to be advances received from certain parties. The Assessing Officer noted…

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