ORDER

Both the titled cross appeals filed at the behest of taxpayer and department are directed against order No.70/A-IV dated 29.06.2016 passed by Commissioner Inland Revenue (Appeals-IV), Lahore. Since agitation is against similar order by both the rival parties, therefore we intend to decide both the cross appeals through this single order.2. Brief facts of the case are that the taxpayer filed income tax return for tax year 2012 declaring loss at Rs.265,135,701/- which constituted as deemed assessment order in terms of section 120 of the ITO. Subsequently, the deemed assessment order was found erroneous in so far as prejudicial to the interest of revenue, hence proceedings under section 122(5A) were initiated by way of issuing show-cause notice against which reply filed by the taxpayer was found un-satisfactory and the OIR vide order 24.11.2014 amended the self-assessment order whereby tax payable by taxpayer was determined at Rs.125,162,238/-.3. Aggrieved the taxpayer filed appeal before...