JUDGMENT:

SARDAR M. AJAZ KHAN, JUDICIAL MEMBER:---This appeal has been filed by the taxpayer against Order No. 100000151389443 dated 10.05.2023 passed by CIR(A), Sargodha. Brief facts of the case as per impugned order are that the taxpayer under reference is an individual who filed his return of income declaring Profit on debt at Rs.548,803/-, which constituted deemed assessment order by operation of law in terms of section 120 of the Income Tax Ordinance, 2001 (The Ordinance). However, the said assessment order under section 120(1) of the Ordinance for the year under consideration was found erroneous in so far as prejudicial to the interest of revenue due to the reasons mentioned in show-cause notice issued under section 122(9) along with notice under sections 122 and 111(1) of the Ordinance through which the declared "Foreign Remittances" amounting to Rs.72,640,946/- under Inflows in order to reconcile the accretion in wealth as on 30-06-2021 was confronted as no documentary evidence has been ...