2012 PTD 565

Case Laws / Head Notes / Paras

---Unexplained income or assets---Addition on the ground that source of investment was not proved through banking channel---Validity---Foreign remittances were sent by the complainant (from the U.S.A. where he was resident since 1981 and derived income from business) to his Foreign Currency Account---Itemized details of deposits and withdrawals relevant to the Foreign Currency Account were reflected in a bank statement---Foreign remittances were later encashed and converted into Pak Rupees between 23-10-2001 to 22-9-2005 for utilization in purchase of immoveable property---Once the U.S Dollars were converted into Pak Rupees it was up to the taxpayer how he used them---Taxpayer could keep the amount with himself in as cash in hand or he could deposit the proceeds in a Pak Rupee account eith...