2007 PTD 31

Case Laws / Head Notes / Paras

--Unexplained investment etc., deemed to be income---Addition on account of difference in the stock recorded in the books of accounts and the stock hypothecated with the banks---Assessee contended that no addition could be made in respect of stock relating to period when the income was exempt and therefore addition was not maintainable regarding un-explained stock relating to exempt period---Validity---Difference in the stocks recorded in the books of accounts and the stocks pledged with the banks, in quantitative terms, was out of books and addressable as `deemed income' under S.13(1)(c) of the Income Tax Ordinance, 1979---Issue of brought forward of losses was taken up before the First Appellate Authority who observed that "the matter of losses of previous years did not relate to this as...