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I.T.AS. NOS. 4658/KB AND 4659/KB OF 1986-87 versus I.T.AS. NOS. 4658/KB AND 4659/KB OF 1986-87

Income Tax Ordinance 1979 Section 13 (1) (a) and Second Schedule, Part I, CL (119) Industrial Acquisition from Tax Company Exemption Income Unidentified Credit Accused Additional Value Assessment Company was at an early stage and factory The company that was under construction was never estimated to be taxed in the past and its future income from existing sources was tax exempt. Those who had high debt and partnerships in equity partnerships were the same family. Was a member of the company's director and major shareholder. All such persons were taxpayers whose records existed in the same city and their identity was well established. Such persons never denied the fact that the company was making progress. Was a private company subject to audit in the account. Thus, books related to collection of loans and advances from its directors / shareholders cannot be considered frivolous, a systematic arrangement for us and the department to disclose such details of directors / shareholders. It cannot be said that the Assisi Company failed to provide satisfactory explanation regarding the nature and source of the credit offered. As such, his books would be a very irrational assumption that the Assisi company was trying to introduce its non-interest income on its books through a sub-surgery accessing officer, therefore, to draw a negative side against the Assisi company and There can be no justification for accusing him. Unknown credit in his hand if the Income Tax Officer was not satisfied with the sources from which the Directorate famous high court advocate from Umer Kot lawyer