2016 PTD 1820

Case Laws / Head Notes / Paras

Payment of minimum tax---Reduction in rate---Rectification of deemed assessment---Return of income by taxpayer, for tax year 2011, declaring sales/turnover---Department as per provisions contained in S.113 of the Income Tax Ordinance, 2001, found that taxpayer was required to pay minimum tax at rate of 1% upon total turnover declared, whereas it had paid tax on income declared---Assessing Officer rectified the deemed assessment under S.221 of Income Tax Ordinance, 2001 by levying minimum tax under S.113 of the Income Tax Ordinance, 2001---Appellate authority being convinced with representation of taxpayer, observed that S.R.O. 57(I)/2012 dated 24-1-2012, was retrospectively applicable in the case; and directed to levy minimum tax at the reduced rate of 0.2% turnover for the year 2011---Val...