| Case ID |
2160a53b-8eb5-4ced-b137-aa521430bf77 |
| Body |
View case body. Login to View |
| Case Number |
I.T.A. No.3084/LB of 2001 |
| Decision Date |
Nov 26, 2001 |
| Hearing Date |
Oct 23, 2001 |
| Decision |
The appeal was accepted on the grounds that both the Assessing Officer and the First Appellate Authority erred in their handling of the case. The Tribunal found that the Assessing Officer failed to assume jurisdiction under section 65 of the Income Tax Ordinance, 1979 in a lawful manner. The objections raised by the appellant regarding the application of section 12(18) and the immunity under section 80C(4) were not adequately addressed. The Tribunal noted that the share deposit money received was treated as a loan without proper legal basis and the proceedings under section 65 were not justified. Ultimately, the orders of the lower authorities were deemed unsustainable both on facts and law. |
| Summary |
This case involves the Income Tax Appellate Tribunal's decision regarding the treatment of share deposit money in excess of authorized capital as deemed income under section 12(18) of the Income Tax Ordinance, 1979. The Tribunal addressed significant legal principles surrounding additional assessments, jurisdiction under section 65, and the interpretation of immunity provisions under section 80C(4). The decision emphasized the importance of proper legal procedures and the necessity for tax authorities to substantiate their claims with clear and definitive information. The Tribunal found that the actions taken by the Assessing Officer lacked a lawful basis, leading to a ruling in favor of the appellant. Keywords include: income tax, deemed income, share capital, legal jurisdiction, tax assessment, tribunal decision, immunity provisions, and Income Tax Ordinance. |
| Court |
Income Tax Appellate Tribunal
|
| Entities Involved |
Not available
|
| Judges |
Imtiaz Anjum, Accountant Member,
Khawaja Farooq Saeed, Judicial Member
|
| Lawyers |
Muhammad Bashir,
Anwar Ali Shah
|
| Petitioners |
Not available
|
| Respondents |
Not available
|
| Citations |
2002 SLD 304,
2002 PTD 1841,
(2002) 86 TAX 48
|
| Other Citations |
2001 PTD (Trib.) 2880,
2002 PTD (Trib.) 141,
2001 PTD 1180,
Civil Petition No.984-L of 2001
|
| Laws Involved |
Income Tax Ordinance, 1979
|
| Sections |
12,
65,
12(18),
80C(4)
|