1998 PLP (Trib (PTD)
N/A
| Citation | 1998 PLP (Trib (PTD) |
| Forum / Court | Income-tax Appellate Tribunal Pakistan |
| Bench Members | S. M. Sibtain, Accountant Member and Tahseen Ahmed Bhatti, Judicial Member |
| Parties | N/A |
| Primary Law | Income Tax Ordinance (XXXI of 1979) |
Q1: What are the key laws and sections cited in 1998 PLP (Trib (PTD)?
This judgment primarily cites: Income Tax Ordinance (XXXI of 1979) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1998 PLP (Trib (PTD)?
The case was heard and decided by the Income-tax Appellate Tribunal Pakistan bench comprising: S. M. Sibtain, Accountant Member and Tahseen Ahmed Bhatti, Judicial Member.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1998 PLP (Trib (PTD) (N/A). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Amjad Jamshaid, D. R. for Appellant.
- A. S. Jafri, I.T.P. for Respondent.
- Date of hearing: 25th February, 1998.
Headnotes / Summary
S. 59(1)
Self-Assessment Scheme for 1992-93, para. 6(e)
C.B.R. Circular No. 16 of 1992, dated 1-7-1992, para. 6(e)
Qualification of return filed under Self-Assessment Scheme-- Return filed by the association of person as new taxpayer:--Members of association of persons were existing assessees in their individual capacity-- Wealth statements were filed by the members of association of persons wherein net wealth of the members was given as over and above the presumed/admitted business capital of the A.O.P. under the provision of C.B.R. Circular No.16 of 1992
Return was processed under S.62 of Income Tax Ordinance, 1979
Assessing Officer was directed by the Commissioner of Income-tax (Appeals) to accept the return of the Association of Person's under Self-Assessment Scheme as the provisions of the said circular created no bar on the qualification of the return under Self-Assessment Scheme
Income Tax Appellate .Tribunal confirmed the order of Income Tax Commissioner (Appeals) in circumstances.
Judgment & Decree
Cir. I Hyd
4. Mr. M. Saleem S/o M. Ibrahim 08-05-1787612 25 paisas Cir. I Hyd
5. Mr. Nazar Muhammad S/o Haji Juman 08-06-1791607 25 paisas Cir. II Hyd.
3. Two members of the AOP have purchased of flour mill on 8-1-1992 for a consideration of Rs.1,500,
000. Their names as recorded in the sales deed are Mr. Muhammad Rafique and Mr. Muhammad Saleem. Admittedly, the respondent has filed the undermentioned documents vide letter dated 2-2-1994: "Wealth statement of the member of A.O.P. for the period 3-6-1992 alongwith reconciliation statements and related documents, declaring gross/net wealth as under: --
1. Mr. Nazar Muhammad S/o. M. Juman Rs.663,607
2. Mr. M. Saleem S/o. M. Ibrahim Rs.556, 152
3. Mr. M. Taufique S/o M.Rafiq Rs.255,200
4. Mr. M. Rafique S/o. M. Shafi Rs.375,000
5. Mr. M. Shafique S/o M. Shafi Rs.384,087
4. The learned DCIT, however, has excluded the first return of total income filed on behalf of the AOP declaring total income, for five months, at Rs.35,000, because clause (e) of Paragraph-6 of the Circular No. 16 of 1992 dated t-7-1992 provides: (e) In case a new tax payer derives income from a business, it shall be presumed that his business capital at the end of the income year was not more than three times the business income declared. Sources of his business capital to this extent shall not to be investigated."
5. Having given -bur careful consideration to the foregoing facts of the case and relevant provisions of the Self-Assessment Scheme for the year we are of the considered view that the finding of the learned CIT(A) does not warrant any interference; hence confirmed.
6. Consequently the appeal is dismissed. M.B.A./533/Trib. Appeal dismissed.