Law: Income Tax Ordinance, 1979

Section: 12,12(18),80C,50(5)&50(4)

(a) Income Tax Ordinance (XXXI of 1979)---S.12(18)--.-Deemed income- --Assessment year 1991-92---Addition made under S.12(18) of the Income Tax Ordinance, 1979, was deleted by the Tribunal on the ground that the said provision was not attracted in the assessment year 1991-92. I.T.A. No.853/LB of 1999 rel. (b) Finance Act (XII of 1991)--- ----S.12(8)---Corporate Assets Tax--Additional tax---Additional tax levied was deleted by the First Appellate Authority being time-barred--­Deletion was maintained by the Tribunal on account of confusion created in the minds of taxpayers as a result of multiple Circulars issued by the Central Board of Revenue and not for the reasons recorded by the First Appellate Authority. I. T. A. No. 1872/LB of 1997 and I.T.A. No.2411 of 2001 rel. (c) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 80-C, 50(5) & 50(4)---Presumptive tax---Import---Double taxation---Deduction of tax at import stage as well as on supply of same goods---Validity---Appellate Tribunal upheld the deduction of tax under S.50(5) read with S.80-C of the Income Tax Ordinance, 1979 and directed to delete the tax deducted under S.50(4) of the Income Tax Ordinance, 1979 for the reason that assessee could not be subjected to taxation twice. 2000 PTD (Trib.) 2853 rel. ORDER SYED NADEEM SAQLAIN (JUDICIAL MEMBER).---Titled three map M for the assessment years 1991-92, 1992-93 and 1999-2000 are being disposed of together through this consolidated order. In the assessee's appeal for the assessment year 1991-92 the assessee/appellant has challenged the impugned order, dated 29-9-1996 passed by the learned CIT(A), Zone-I, Faisalabad. Assessee feels aggrieved with the findings recorded by the learned CIT(A) confirming the assessment order of D.C.I.T. on the issue of addition made under section 12(181 of the Income Tax Ordinance, 1979 amounting to Rs.20,00,000. However, right from the outset, the learned A.R. of the assessee made a statement that he does not want to press the Ground No.2 relating to the issue of disallowance of Rs.189,276 under the head of depreciation account. 2. For the assessment years 1992-93 and 1999-2000, it is the Revenue which has come up in appeal…

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