Law: Income Tax Ordinance, 1979

Section: 12,12(18),151,153,182,182(2),182(3)

Law: Income Tax Ordinance, 2001

Section: 182(2)(3),169,151,153

(a) Income-tax---Gross profit rate---Decrease in gross profit rate---Sale to Government agencies had reduced from 20% to 15.40% contrary to sales to limited company, which had increased from 21% to 28.19% whereas there was little decline wholesale (from 59% to 56.33%) but this may not be taken as a sufficient reason to accept c-)nsiderable decrease in sales and gross loss, instead of gross profit rate---Besides no admissible evidence had been furnished to show increase in the prices of raw material---Record was silent in respect of any evidence showing decline in prices of raw material---Present was a no account case, assessee was duly confronted and accounts were rejected after a detailed reply was taken into consideration by the Assessing Officer---Estimate of sales and application of G.P. rate at 7.5% was as per history of the assessee and thus was not interfered with by the Appellate Tribunal. (b) Income Tax Ordinance (XXXI of 1979)----S. 12(18)---Income deemed to accrue or arise in Pakistan---Loan iron Director of the company---Details of loan were furnished by the assessee---Assessing Officer observed that loan was obtained on long term without banking channel and the amount had been received in cash---Addition---Validity---Case-law holding that "any amount received through crossed cash or any other banking channel was not liable to tax under S.12(18) of the Income Tax Ordinance, 1979" had not been taken into consideration by the Assessing Officer---Appellate Tribunal directed that issue be concluded afresh by the Assessing Officer after recording complete facts. 2002 PTD 1963 ref. (c) Income Tax Ordinance (XXXI of 1979)--- ----Third Sched., R.8(5)(a)---Rules for the computation of depreciation allowance---Sales proceeds---First Appellate Authority failed to record his order in respect of addition in scrap sales and in respect of an addition made in respect of profit from sales of assets under R.8(5)(a) of Third Schedule of the Income Tax Ordinance, 1979 and no finding was given o:, additional ground of appeal relating to allowance of depreciation---Case was remanded to First Appellate Authority by the Appellate Tribunal for fresh adjudication on merit.…

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