Law: Income Tax Ordinance, 1979

Section: 134

Law: Finance Act, 1991

Section: 12(4)(7)

Finance Act (XII of 1991).....S. 12(4)(7)---[Income Tax Ordinance (XXXI of 1979)]......Section 134--­Deletion of penalty---Appeal against---Appellant Department had contended that deletion of penalty levied on assessee under S.12(7) of Finance Act, 1991 was unjustified and reliance placed by CIT(A) on ITA No. 1872/LB/97 (Assessment year 1992-93) dated 26-5-1998 was misconceived in law---Rationale for deletion of penalty in the case relied upon by CIT(A) was that Central Board of Revenue having issued multiple Circulars on matter pertaining to filing of Corporate Assets Tax return, same had confused and confounded the corporate assessees and for that reason it would not be proper to levy penalty under S.12(7) of Finance Act, 1991 for default on their part---Such was not the position in case of assessee as it was clearly indicated that it was a legal requirement for filing of Corporate Assets Tax return vide S.12(4) of Finance Act, 1991 in a case of those corporate assessees whose assets exceeded stipulated threshold---Even Supreme Court had unequivocally rejected legal challenge to levy of Corporate Assets Tax holding that Assessing Officer was competent to .make Corporate Assets Tax assessment and also to impose additional tax and penalty in case of statutory default--­Would not be' correct to say that assessee was not clear in its mind regarding statutory obligation under Corporate Assets Tax law--­Failure of assessee to file Corporate Assets Tax return and. not to respond to show-cause notice issued to him, had rightly resulted in levy of penalty---Order of CIT(A) was vacated, in circumstances. I.T.A. No.1872/LB of 1997 and W.T.AR No.1230/LB of 2000 ref. ORDER This appeal by Revenue arises out of order of the CIT(A), Zone-I, Lahore, dated 10-10-2000. 2. It is the Departmental contention that deletion of penalty levied under section 12(7) of the Finance Act, 1991 was unjustified and reliance placed by CIT(A) on ITA No. 1872/LB/97 (Assessment Year 1992-93), dated 26-5-1998, is misconceived in law. 3. According to the DR, the case of the assessee/respondent is not "on all fours" with the case dealt with in I.T.A. No. 1872/LB of 1997 (Assessment year, 1992-93),…

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