THIS ORDER PASSED BY:ISTATAAT ALI (ACCOUNTANT MEMBER).-These appeals have been filed by the Department in respect of order dated 31-8-2007 passed by CIT (A), Islamabad. Brief facts leading to these appeals are that original assessments framed by, making additions under section 13(1)(d) for the year 1998-99 and under section 13(1)(aa) for the years 1998-99 and 2000 were contested in. appeal and the learned CIT(A) set aside the assessments on these issues with directions. During the re-assessment proceedings the assessee was confronted with related issues through notices under sections 63/13 of repealed Ordinance. Explanation furnished on behalf of the assessee was considered unsatisfactory. For the reasons recorded in the impugned order additions under section 13(1)(aa) were made on account of unexplained cash and deemed income for assessment years 1998-99 and 1999-2000 respectively. Addition under section 13(1)(d) was made in assessment year 1998-99 with reference to cost of shares pai...
PRESENT:
KHALID WAHEED AHMED, CHAIRMAN
ISTATAAT ALI, ACCOUNTANT MEMBER
Petitioner(s) by: Muhammad Asif, D.R..
Respondent(s) by: Ch. Naeem ul Haq.
Law: Income Tax Ordinance (XLIX of 2001)
Sections: 131, 138, 210, 239
Law: Income Tax Ordinance (XXXI OF 1979)
Sections: 13, 13(1)(d), 13(1)(aa)
Disclaimer / Note: We have reproduced the judgment for facilitation of readers; however, the readers must study the original or certified copy of the above said judgment before referring it in any Court of Law. The judgment as reproduced above is a reported judgment available in law magazines and journals namely: 2010 PTD 494 | 100 TAX 150