| Case ID |
2c80f688-3a7f-4365-b558-aba4b87ccb3b |
| Body |
View case body. Login to View |
| Case Number |
I.T.A. Nos. 161/LB and 162/LB of 2009 |
| Decision Date |
Mar 06, 2009 |
| Hearing Date |
|
| Decision |
The case involves the interpretation of minimum tax charges on gross receipts versus gross profit for a money-changing business. The Appellant's revised returns were deemed valid under the Income Tax Ordinance, 2001. The Taxation Officer's attempt to rectify mistakes without proper confrontation and opportunity for the taxpayer was deemed unlawful. The learned CIT (A) annulled the Taxation Officer's order, maintaining that the minimum tax should be based on exchange income rather than gross receipts, aligning with precedent case law. |
| Summary |
This case revolves around the Income Tax Ordinance, 2001, specifically sections regarding minimum tax assessments for businesses dealing with foreign exchange. The Taxation Officer's decision to charge minimum tax based on gross receipts instead of gross profit was contested. The Tribunal found that the Taxation Officer failed to provide the taxpayer with a fair opportunity during the rectification process, violating legal provisions. The learned CIT (A) upheld the taxpayer's revised returns, asserting that the minimum tax should be computed on exchange income as per established legal interpretations. This decision highlights the importance of due process in tax assessments and clarifies the treatment of exchange income under the Income Tax Ordinance and Federal Excise Act. |
| Court |
Income Tax Appellate Tribunal, Lahore
|
| Entities Involved |
Not available
|
| Judges |
JAWAID MASOOD TAHIR BHATTI, JUDICIAL MEMBER,
MASOOD ALI, JAMSHED ACCOUNTANT MEMBER
|
| Lawyers |
Ch. Safdar, D. R.,
Naeem Munawar, Advocate
|
| Petitioners |
Not available
|
| Respondents |
Not available
|
| Citations |
2009 SLD 273,
(2009) 100 TAX 24,
2009 PTD 1004
|
| Other Citations |
(2006) 93 Tax 369 (Trib)
|
| Laws Involved |
Income Tax Ordinance, 2001,
Federal Excise Act, 2005
|
| Sections |
113,
113(3)(b),
221,
40B
|