| Citation(s) |
|---|
| 2007 SLG 75 2007 SLD 75 2007 PTD 1292 (2007) 95 TAX 330 |
Income Tax Appellate Tribunal
I.T.As. Nos. 5062/LB to 5064/LB, .4231/LB to 4233/LB of 1999, 3280/LB, 2880 of 2000 and 3989 of 2003, decision dated: 26-09-2006.I.T.As. Nos. 5062/LB to 5064/LB, .4231/LB to 4233/LB of 1999, 3280/LB, 2880 of 2000 and 3989 of 2003, decision dated: 26-09-20
RASHEED AHMED SHEIKH, JUDICIAL MEMBER AND MASOOD ALI, JAMSHED, ACCOUNTANT MEMBER
Rana Javed Iqbal, D.R. for Appellant (in I.T.As. Nos.5062/LB to 5064/LB of 1999, 3280/LB of 2000 and 3989 of 2003). Shahbaz Butt for Represented (in I.T.As. Nos.5062/LB to 5064/LB of 1999, 3280/LB of 2000 and 3989 of 2003). Shahbaz Butt for Appellant (in
I.T.As. Nos. 5062/LB to 5064/LB, .4231/LB to 4233/LB of 1999, 3280/LB, 2880 of 2000 and 3989 of 2003, decision dated: 26-09-2006.I.T.As. Nos. 5062/LB to 5064/LB, .4231/LB to 4233/LB of 1999, 3280/LB, 2880 of 2000 and 3989 of 2003, decision dated: 26-09-20
RASHEED AHMED SHEIKH, JUDICIAL MEMBER AND MASOOD ALI, JAMSHED, ACCOUNTANT MEMBER
Rana Javed Iqbal, D.R. for Appellant (in I.T.As. Nos.5062/LB to 5064/LB of 1999, 3280/LB of 2000 and 3989 of 2003). Shahbaz Butt for Represented (in I.T.As. Nos.5062/LB to 5064/LB of 1999, 3280/LB of 2000 and 3989 of 2003). Shahbaz Butt for Appellant (in
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Law: Income Tax Ordinance, 1979
Section: 13,13(1)(aa),24,24(ff),62,144,148
(a) Income-tax--Rejection of accounts---Variance in sales and purchase rates or law of GP rate could not be made basis of rejection of accounts. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.62---Assessment on production of accounts, evidence etc.---Rejection of accounts---No effort had been made by the Assessing Officer to bring home any material and plausible basis warranting rejection of accounts---Assessing Officer while completing assessment had given some instances of un-verifiability of sales whereby out of 212 parties names of 9 parties had been mentioned---First Appellate Authority found that detail of sales showed the complete and verifiable particulars of the parties with whom the sales were transacted and which included the names of the person mentioned in the assessment order as unverifiable---First Appellate Authority was justified in directing the acceptance of declared version and Appellate Tribunal confirmed the finding of the First Appellate Authority in this regard. P.T.R. No.2 of 2001 ref. (c) Income-tax--- ----Provision for octroi expenses---Such provision was rightly created and claimed in the Profit and Loss account as the same was created on the ground that in case the petition before High Court fails the same shall become payable to the Town Committee. (d) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 144 & 148---Power to call for information---Power to take evidence on oath, etc.--Scope---Scope of Ss.144 and 148 of the Income Tax Ordinance, 1979 was altogether different for the reason that under the earlier section an information could be called for while under S.148 of the Income Tax, 1979 the Assessing Officer could compel production of evidence and witnesses by taking resort to the later section. (e) Income Tax Ordinance (XXXI of 1979)--- ---Ss. 24(ff) & 148---Deductions not admissible---Additions on account of payment other than through crossed cheque---Endorsement available on the reply submitted by the Bank Manger belies the stance taken by the Assessing Officer---No notice under S.148 of the Income Tax Ordinance, 1979 was issued by the Assessing Officer in exercise of the powers conferred under the said…
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