1997 PLP (Trib (PTD)
N/A
| Citation | 1997 PLP (Trib (PTD) |
| Forum / Court | Income-tax Appellate Tribunal Pakistan |
| Bench Members | Ch. Muhammad Ishaq, Judicial Member and |
| Parties | N/A |
| Primary Law | Income Tax Ordinance (XXXI of 1979) |
Q1: What are the key laws and sections cited in 1997 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 1997 PLP (Trib (PTD)?
The case was heard and decided by the Income-tax Appellate Tribunal Pakistan bench comprising: Ch. Muhammad Ishaq, Judicial Member and.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1997 PLP (Trib (PTD) (N/A). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Siddique Ch. for Appellant.
- Muhammad Akram Tahir, D.R. for Respondent.
- Date of hearing: 19th March, 1996.
Headnotes / Summary
S. 32(3)
Method of accounting
Road contractor-- Declared G. P. rate of 14.95 % was not accepted and enhanced rate of 17.50% was applied which was upheld by First Appellate Authority-- Tribunal applied 16% G.P. rate which had already been applied by Tribunal in previous assessment.
Judgment & Decree
Date of hearing: 19th March, 1996. CH. MUHAMMAD ISHAQ (JUDICIAL MEMBER).
These three appeals pertaining to the assessment years 1988-89 to 1990-91 have been preferred at the instance of the assessee. All these appeals pertain to the question regarding the application of G.P. rate and the un-justifiability of additions in some of the items of the Profit and Loss Account.
2. We have heard the learned counsel and the D.R. The record has been seen.
3. The learned counsel of the Assessee claims that the appellant is not a Building Contractor but a Road Contractor. Accordingly he prays that his declared G.P. Rate of 14.95% for all the three years be accepted. The respondent, however, applied G.P. Rate of 17.5% which was upheld in the impugned order. The learned A.R. has argued that in the past, the Hon'ble Tribunal has itself applied G.P. Rate of 16% in many cases. He has furnished a photocopy of an Order passed by this Tribunal in the case of M/s. Azam Engineers Limited, Lahore bearing I.T.A. No.4700/LB/1985-86 wherein the learned Members namely Mr. Abrar Hussain Naqvi, Judicial Member and Mr. Nasim Sabir Syed, Accountant Member directed the application of G.P. Rate at 16%. We are inclined to follow this Order and direct that in this case also 16% G.P. Rate should be applied for all the three years under appeal.
4. Regarding the additions pertaining to the Profit and Loss Account, the learned first Appellate Authority has already given relief which appears to be commensurate with the income of the assessee. Accordingly, we don't feel inclined to interfere in the same. The impugned order in this respect is upheld.
5. Consequently, all the three appeals are allowed to the extent of G.P. Rate only as indicated above. C.M.S./285/Trib Order accordingly.