Law: Income Tax Ordinance, 1979

Section: 12(18),30,Second Scheduleclause(118D)

Law: Companies Ordinance, 1984

Section: 73

(a) Income tax Revision of return Assessee had the prerogative to `revise' the return of income before finalization of assessment. (b) Income Tax Ordinance (XXXI of 1979) - S. 12(18) Companies Ordinance (XLVII of 1984), S.73 Deemed income Loan Loan from Managing Director for purchase of land -Alteration of such loan into capital against allotment of shares in the revised balance sheet Addition of such loan was made on the ground that the same was not made available the company through cross cheques Explanation of the assessee that revision of the balance sheet was the result of an "error" which was corrected with the recommendation of the company's Auditor was rejected Validity -Revision of balance sheet had been made with intention to evade tax liability under Ss.12(18)/30 of the Income Tax Ordinance, 1979 -Allotment of shares to Managing Director was of no consequence as the company owed loan to him which amount was included in the company's balance sheet under the Head "Current Liabilities" Original balance--sheet was duly signed by the Managing Director and in said balance-sheet amount was unambiguously cited as a "loan" amount due under the Head "Current Liabilities" Revision of such balance sheet subsequently after the death of the Managing Director, was clearly an afterthought contrived solely to evade tax liability under Ss.12(18)/30 of the Income Tax Ordinance, 1979 Form III was also not filed before the Registrar of Companies within 30 days of the alleged allotment of shares as required under S.73 of the Companies Ordinance, 1984 and the same was filed belatedly when the Assessing Officer requisitioned the same during the course of assessment proceedings Addition made under S.12(18) of the Income Tax Ordinance, 1979 by the Assessing Officer was fully justified in circumstances and relief accorded by the First Appellate Authority was without any justification Order of the Appellate Authority was vacated and order of the Assessing Officer was upheld by the Appellate Tribunal. 2001 PTD 1180 distinguished ORDER MUHAMMAD MUNIR QURESHI (ACCOUNTANT MEMBER). This appeal by Revenue is directed against order of the CIT(A), Zone I, Lahore, dated 10 10 1994. 2.…

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