Case Laws / Head Notes / Paras
Income Tax Ordinance (XLIX of 2001)---Ss. 122(5) & 133(1)---Reference---Reassessment---Definite information---Scope---Reassessment proceedings were initiated on the basis of bank statement of respondent / taxpayer---In view of the entries reflected in such bank statement tax department suspected that income of taxpayer might be higher than that which was offered up for taxation---Authorities assumed that all entries in bank statement constituted revenue without taking into account refunds issued by respondent / taxpayer to its customers as reflected in its tax return---Commissioner (Appeals) afforded respondent / taxpayer opportunity to explain entries in bank statement and taxpayer had successfully did so which was why the Commissioner (Appeals) then set aside additional demand genera...
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