Income Tax Ordinance, 2001

CHAPTER-VIII

ANTI-AVOIDANCE

Income Tax Ordinance, 2001 CHAPTER-VIII ANTI-AVOIDANCE From: 2024-12-29 - To: 0000-00-00 (1) Where – (a) any amount is credited in a person’s books of account; (b) a person has made any investment or is the owner of any money or valuable article; 1[***] (c) a person has incurred any expenditure 2[; or”] 3[(d) any person has concealed income or furnished inaccurate particulars of income including (i) the suppression of any production, sales or any amount chargeable to tax; or (ii) the suppression of any item of receipt liable to tax in whole or in part,] and the person offers no explanation about the nature and source of the amount credited or the investment, money, valuable article, or funds from which the expenditure was made 4[ suppression of any production, sales, any amount chargeable to tax and of any item of receipt liable to tax] or the explanation offered by the person is not, 5[in the Commissioner’s opinion, satisfactory- (a) the amount credited, value of the investment, money, value of the…