Law: Income Tax Ordinance, 2001

Section: 122(5A),122(9),115(4)SecondSched

[Income Tax Ordinance (XLIX of 2001)].....Sections 122 (5A), 122(9) & 115(4) Second Sched., Part-IV, Cl. (41-A)...Amendment of assessment...Taxation Officer observed that assessee filed statement under S.115(4) of the Income Tax Ordinance, 2001 for the preceding year and by virtue of Cl. (41-A) of Part-IV of the Second Schedule to the Income Ordinance, 2001, the assessee was required to file statement under S.115(4) of the Income Tax Ordinance, 2001 rather than filing of regular return under S. 114 of the Income Tax Ordinance, 2001 for the tax year 2005...Show-cause notice was issued by. the Taxation Officer under S. 122(9) of the Income Tax Ordinance, 2001 to amend the already completed assessment under S.122(5A) of the Income Tax Ordinance, 2001...Taxation Officer treated the return filed under S.114 of the Income Tax Ordinance, 2001 as invalid return and assessment framed on the basis of that return was found to be erroneous in so far as same was prejudicial to the interest of revenue...Exports and supplies made by the assessee were assessed under Presumptive Tax Regime as tax deducted thereon was treated as final discharge of tax liability...Assessment was amended under S.122(5A) of the Income Tax Ordinance, 2001...Validity... As filing of written option under Cl. (40), of Part-IV, of the Second Schedule, of the Income Tax Ordinance, 2001, was a mandatory requirement of law...Order passed by the First Appellate Authority was vacated by the appellate Tribunal and the amendment of assessment made under S. 122 (1) of the Income Tax Ordinance, 2001 by the Taxation Officer, for the tax year 2005 was annulled. 2008 PTD (Trib.) 929 rel. ORDER The titled appeal pertaining to tax year 2005, has been preferred at the instance of taxpayer, arises out of order passed by the learned C.I.T.(A), Gujranwala, camp at Faisalabad, dated 18-4-2008. The appellant contested the order of the C.I.T.(A) on the following grounds:- (1) That the appellant never filed any declaration of option for the presumptive tax regime and nor fulfilled the condition to opt the presumptive tax regime. (2) That the appellant filed income return under section 114 of the I.T. Ordinance, 2001,…

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