| Case ID |
3cab24cc-e082-4fa0-9aad-9b95021e0341 |
| Body |
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| Case Number |
Income-tax Cases Nos. 43, 44 and 45 of 1965 and 28 |
| Decision Date |
May 15, 1969 |
| Hearing Date |
|
| Decision |
The judgment delivered by QADEERUDDIN AHMED concluded that the Income-tax Appellate Tribunal correctly disallowed the proposed questions by both parties. The Tribunal found that there was sufficient material for the Income-tax Officer to disallow the losses claimed by the assessee. The assessment of the Income-tax Officer was based on flaws in the maintenance of accounts, and the Tribunal observed that the increase in expenses was not disproportionate enough to justify the disallowance of losses. The court dismissed the petitions with no order as to costs, affirming the Tribunal's findings that no question of law was involved in the matter. |
| Summary |
This case revolves around the Income Tax Act, 1922, where the Sindh High Court addressed the appeals concerning the disallowance of losses claimed by a firm of stevedores. The Income-tax Officer disallowed the losses citing defects in the accounts. The Tribunal upheld this decision, stating that the flaws in the accounting records justified the Income-tax Officer's actions. The case emphasizes the importance of maintaining reliable accounting records and the implications of the Income Tax Act's provisions, particularly concerning the assessment of profits and losses. The judgment clarifies the distinction between the reliability of accounts and the method of accounting, which is crucial for tax assessments. This landmark decision is significant for tax practitioners and businesses alike, as it outlines the legal standards for accounting practices within the context of income tax law. |
| Court |
Sindh High Court
|
| Entities Involved |
Not available
|
| Judges |
QADEERUDDIN AHMED
|
| Lawyers |
S.A. Nusrat,
P.D. Ramchandani
|
| Petitioners |
Not available
|
| Respondents |
COMMISSIONER OF Income Tax, CENTRAL, KARACHI
|
| Citations |
1969 SLD 742,
(1969) 20 TAX 130,
1969 PTD 821,
1969 PLD 540
|
| Other Citations |
Not available
|
| Laws Involved |
Income Tax Act, 1922
|
| Sections |
23(3),
66(1),
66(2),
13,
10(2)(v)(vi),
10,
12
|