Law: Income Tax Ordinance, 1979

Section: 108,55

Income Tax Ordinance (XXXI of 1979)----Ss. 108 & 55---Failure to furnish return of total income ---Penalty--Penalty imposed under S.108 of the Income Tax Ordinance, 1979 for late filing of return was challenged on the ground that since the return figure was in loss the assessee was not required to file return under the provisions of S.55 of the Income Tax Ordinance, 1979---No penalty could be imposed under S.108 of the Income Tax Ordinance, 1979 for non-submission of return which was not due under S.55 of the Income Tax Ordinance, 1979---Validity---Only the person whose income exceeded the maximum amount which was not chargeable to tax was required to file return under provision of S.55---Provisions of S.55 had clearly expressed so leaving no room for any interpretation through which the meanings of word "income" used in the section could be stretched to.include loss on the basis of speculation---In the event of loss declared by the assessee the income declared did not exceed the maximum amount which was not chargeable to tax in terms of S.55 of the Income Tax Ordinance, 1979---Penalty imposed was deleted by the Tribunal. (1987) 169 ITR 221 and (1989) 177 ITR 445 distinguished. ORDER KHALID WAHEED AHMAD (JUDICIAL MEMBER).---The above appeal pertaining to assessment year 1992-93 has been filed by the assessee/appellant to assail the order, dated 14-2-1993 passed by CIT (Appeals-II) Karachi. 2. Learned representatives of both the parties are present and have been heard. 3. The asses see /appellant through the instant appeal contests the order, dated 14-2-1993 of first appellate authority Karachi whereby the penalty imposed under section 108 of the Income Tax Ordinance, 1979 (hereinafter called the Ordinance) was upheld to the extent of 50% of the amount of penalty levied by the ITO. The assessee/appellant in this case is a Private Limited Company. No return was filed on due date, i.e. 1-8-1992. However, the return was filed on 29-10-1992. The Assessing Officer imposed penalty under section 108 of the Ordinance amounting to Rs.8,900 0 Rs.100 per day w.e.f. 2nd August, 1992 to 29th October, 1992. It was :he contention of the assessee, before the authorities…

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