Law: Income Tax Ordinance, 1979

Section: Preamble,9,23,23(1)(x),24(i),25(a),23(1) (xviii),54A,

Law: State Bank of Pakistan Act, 1956

Section: 46B

(a) Income-tax---Remand---Power to remand is discretionary in nature but such discretion is to be exercised reasonably and fairly indicating the reasons for remand. 1996 PTD (Trib.) 388; 1996 SCMR 230; and Ch. Muhammad Sadiq v. Income Tax Officer and others 1988 PTD 1014 rel. (b) Income-tax--- ----Remand---Remand order would have meant that the assessee would have been subjected to another round of cumbersome proceedings which is deprecated in law and such order should not be passed in a routine manner to allow a party to improve his case or to fill in the lacuna. Ayesbee (Pvt.) Ltd. v. Income Tax Appellate Tribunal and others 2002 PTD 407 rel. (c) Income Tax Ordinance (XXXI of 1979)----S.23(1)(x)---Deductions---Disallowance of written off of the bad debts---Issue was set aside by the First Appellate Authority---Validity---Setting aside was not the answer---Ratio decidendi of the was binding and the First Appellate Authority would have accepted the same in its true spirit---Remand by the First Appellate Authority was highly unjustified---Assessing Officer was directed to accept the aSsessee's claim of writing off of the bad debts. 1996 PTD (Trib.) 388; 1996 SCMR 230; Ch. Muhammad Sadiq v. Income Tax Officer and others 1988 PTD 1014; Ayesbee (Pvt.) Ltd. v. Income Tax Appellate Tribunal and others 2002 PTD 407; 2002 PTD (Trib.) 1898; (2002) 85 Tax 245 (Trib.); 2003 PTD (Trib.) 1189 and R.A. No.349/LB of 2002 ref. C.I.T. v. National Bank of Pakistan (1967) 34 Tax 158 and 1992 PTD 39 rel. (d) Income Tax Ordinance (XXXI of 1979)----- --S.23(1)(x)---Deductions---Bad debts taxed in earlier year---Validity---Bad debts of earlier years could be allowed even if claimed in a subsequent year---First Appellate Authority was under legal obligation to follow the of Appellate Tribunal and to allow the bad debts of earlier years in the years where the assessee-Bank claimed the same. 2002 PTD 1872; Karamsey Govindji v. C.I.T. (1957) 31 ITR 953; Hindustan Commercial Bank Ltd., (1980) 122 ITR 645; C.I.T. v. National Bank of Pakistan 1976 PTD 237; C.I.T: v. Grindlays Bank Ltd. 1991 PTD 569; 2002 PTD 1898; 2000 PTD 874 and 2002 PTD 1998 ref. Central Insurance Co. Ltd. v. C.I.T. 1997…

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