Law: Income Tax Ordinance, 1979

Section: 12,12(18),13

(a) Income Tax Ordinance (XXXI of 1979)---S.12(18)---Establishment of Office of Federal Tax Ombudsman Ordinance (XXXV of 2000), S.9---Assets of the Association of persons taken over by the company---Treatment as share deposit money--- Addition ---Validity---Amount later. shown in the company's balance-sheet as share deposit money was statedly invested in the Association of Persons before the formation of the company---In the case of A.O.P. its assets consisted of -fixed capital assets and capitalized expenses which were later taken over by the company at the time of its incorporation---Investment taken over by the company was not a "sum" but it represented fixed assets and capitalized .expenses of the Association of Persons---Section 12(18),of the Income Tax Ordinance, 1979 applied in the case of a "sum" and since no such "sum" was claimed to have been received by the company, the provisions of S.12(18) of the Income Tax Ordinance, 1979 were clearly not applicable at least to the extent of amount originally invested by the complainant/assessee in the Association of Persons and later taken over by the company. 2002 PTD 63; Black's Law Dictionary 7th Edn. and Concise Oxford Dictionary, 9th Edn. ref. (b) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 12(18) & 13---Establishment of Office of Federal Tax Ombudsman Ordinance (XXXV of 2000), S.9---Addition---Sum claimed or shown---Section 12(18) of the Income Tax Ordinance, 1979 as a whole and particularly its reference, to S.13 of the Income Tax Ordinance, 1979 shows that the situation envisaged in the said section was that if the sum was "claimed or shown" by the assessee himself as a loan or advance or gift while explained an investment (which may attract the provisions of S.13 of the Income Tax Ordinance, 1979). (c) Income Tax Ordinance (XXXI of 1979)--- ----S.12(18)---Establishment of Office of Federal Tax Ombudsman Ordinance (XXXV of 2000), S.9---CBR Circular No.3 of 1992, dated 27-1-1992---CBR Circular No. l of 1992, dated 4-5-1992---CBR Circular No. 12 of 1992, dated 19-5-1992---CBR Circular No. l of 1993, dated 11-1-1993---Addition---Share deposit money---Amount was invested from foreign currency account…

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