| Case ID |
ffbbcd32-11e9-41fd-b4fa-bf15ff47228f |
| Body |
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| Case Number |
ITA No. 149/LB/2012 |
| Decision Date |
Apr 11, 2016 |
| Hearing Date |
Apr 11, 2016 |
| Decision |
The Appellate Tribunal upheld the decision of the learned CIR(A) who had deleted the additions made by the Additional Commissioner under the heads of 'proration of expenses' and 'financial expenses'. The Tribunal found that the Assessing Officer failed to provide adequate reasoning for the additions, and the CIR(A) had made a reasonable decision based on the evidence presented. The departmental appeal was dismissed as it lacked merit. |
| Summary |
In the case of ITA No. 149/LB/2012, the Appellate Tribunal Inland Revenue addressed an appeal filed by the CIR against the order of the CIR(A) regarding the assessment of a taxpayer, a public listed company engaged in textile spinning. The taxpayer had filed an income tax return declaring an income of Rs. 10,738,398, which was deemed erroneous by the department, leading to an amended assessment of Rs. 11,148,857. The CIR(A) provided relief by deleting certain additions made by the Additional Commissioner. The Tribunal upheld the CIR(A)'s decision, emphasizing the need for cogent reasoning in assessments. This case highlights the importance of proper documentation and justification in tax assessments, reinforcing taxpayer rights against arbitrary decisions by tax authorities. Keywords: Income Tax Ordinance, appeal, tax assessment, taxpayer rights, textile industry. |
| Court |
Appellate Tribunal Inland Revenue
|
| Entities Involved |
Khalid Shafiq Spinning Mills Limited
|
| Judges |
MUHAMMAD WASEEM CH.,
MASOOD AKHTAR SHAHEEDI
|
| Lawyers |
Mr. Naveed Akhtar, DR (LTU),
Mr. Irfan Ilyas, FCA
|
| Petitioners |
The CIR, ZonEll, LTU, Lahore
|
| Respondents |
M/s. Khalid Shafiq Spinning Mills Limited, Lahore
|
| Citations |
2016 SLD 431
|
| Other Citations |
Not available
|
| Laws Involved |
Income Tax Ordinance, 2001
|
| Sections |
120,
122(5A),
122(9)
|