Law: Income Tax Ordinance, 1979

Section: 12(19),23(1)(v),ThirdSched

[Income Tax Ordinance (XXXI of 1979)].....Section 12(19)---Income deemed to accrue or arise in Pakistan---Assessee, a leasing company---Lease rent---Addition---Taxation Officer on the one side had accepted the return filed on the basis of lease rentals received and on the other he made addition on account of accrual basis by rejecting receipts basis---Validity---First Appellate Authority had rightly deleted the addition, as the Taxation Officer had accepted the revised return to offer lease rentals on receipts basis and then had rejected the same which was contradictory itself. I.T.A. Nos. 1237, 1238, 3014 and 3015/LB of 2001 rel. (b) Income Tax Ordinance (XXXI of 1979) S. 23(1)(v), Third Sched., R.1---Deduction---Assessee, a leasing company---Leased out assets---Extra depreciation allowance---Disallowance of extra shift allowance on the ground that assessee was asked to furnish certificates of leases regarding number of working days; failing which claim of extra shift allowance was disallowed---First Appellate Authority accepted that the certificates were furnished but the same were not authentic---Assessee contended that depreciation on assets leased out by the taxpayer being a leasing company, was admissible by deeming provisions of law and no certificates of shift working were required but the assessee had furnished all the details and the certificates---Validity---Depreciation allowance was admissible as deduction from total income under the provisions of S. 23 (1) (v) of the Income Tax Ordinance, 1979 which states that depreciation allowance shall be admissible as per Third Schedule to Income Tax Ordinance, 1979 which provided that depreciation will be allowed in respect of assets specified therein---Since leased assets on which extra depreciation allowance had been claimed remained leased out for the whole year, they were eligible for extra shift depreciation allowance---Orders of officers below were vacated and the Taxation Officer was directed by the Appellate Tribunal to allow the claim of extra depreciation allowance. (c) Income Tax Ordinance (XXXI of 1979) Third Sched., R.8 (5)---Sale proceeds---Assessee, a leasing company---Loss on sale of leased…

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