Cash transactions
Cash transactions legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Department contended that transactions of amount to Rs.1,9633,929 were made in cash in respect of expenses, which had been disallowed but First Appellate Authority without any justification had restricted disallowance to Rs.816,956
Taxpayer contended that all the amounts paid were below the threshold limit of Rs.10,000 but these amounts were paid through single voucher; and admittedly the payments made were below the threshold of taxable limit which fulfilled the conditions laid down by law; that Taxation Officer had not denied that these expenses related to the business purposes; and that instead of deleting the addition, First Appellate Authority had only restricted the addition at 50% of the claim
Validity
Taxation Officer had nowhere observed that expenses claimed were not related to the business purposes
Most of the expenses were below taxable limit and paid for the purpose of factory petty cash electricity account etc.
Taxation Officer had failed to confront the taxpayer specifically regarding the claim of the amount exceeding the taxable limit
First Appellate Authority had rightly restricted the disallowance to the 50% of the claim
Order of First Appellate Authority was not interfered by Appellate Tribunal.
"Cash transactions", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/124937142
Precedents & Case Laws citing "Cash transactions"
1995 P L C 724
NATIONAL BANK OF PAKISTAN, HYDERABAD Versus ABDUL JABBAR
Court: Labour Appellate Tribunal Sindh2012 P T D 1265
SHAHZAD ANWAR SHEIKH Versus SECRETARY, REVENUE DIVISION, ISLAMABAD
Court: Federal Tax Ombudsman2021 C L D 28
AZEE SECURITIES (PVT.) LIMITED — Appellant Versus COMMISSIONER, (SMD), SECP, ISLAMABAD — Respondent
Court: Securities and Exchange Commission of Pakistan2020 P T D 642
SHAKIR ALI RAJPUT Versus The SECRETARY, REVENUE DIVISION, ISLAMABAD
Court: Federal Tax Ombudsman2007 P T D 1377
COMMISSIONER OF INCOME TAX AND WEALTH TAX Versus Messrs USMAN GHEE, IDUSTRIES (PVT.) LTD. and others
Court: Supreme Court of Pakistan2008 S C M R 293
COMMISSIONER OF INCOME TAX AND WEALTH TAX — Appellant Versus Messrs USMAN GHEE INDUSTRIES (PVT.) LTD. and others — Respondents
Court: Supreme Court of PakistanP L D 1979 Karachi 102
MESSRS IBRAHIM SONS-Applicant Versus COMMISSIONER OF INCOME-TAX, KARACHI, WEST KARACHI-Respondent
Court: - S. 13, first proviso read with S. 66(1)-Question whether Departmental authorities justified in rejecting account of assessee and invoking powers of computation of profits and gains on any other basis-Such question whether a question of law or of fact-Depends upon facts and circumstances of each individual case-No hard and fast rule can be laid down in this behalf.-Question of fact-Question of law.2005 Y L R 3361
NERGIS PERVEEN through Attorney and minor through mother — Appellant Versus IFTIKHAR AHMED KHAN — Respondent
Court: PeshawarP L D 1968 Lahore 428
ALLAH DAD‑Plaintiff‑Appellant Versus (1) BAGH ALI AND
Court: (b) Punjab Pre‑emption Act (I of 1913)---S. 4‑Right does not arise in respect of transaction of exchange, land given in exchange forming a substantial part of consideration‑Vendee taking 10 marlas of land with share of well worth Rs. 1,800, and giving in exchange 9 marlas of land plus Rs. 1,000 cash Transaction held to be exchange‑Original tenants continuing in both lands does not mean that transaction was not an exchange.