I.T.A. NO.282/KB OF 1998-99, DECIDED ON 3RD APRIL, 1999. versus I.T.A. NO.282/KB OF 1998-99, DECIDED ON 3RD APRIL, 1999.
Income Tax Ordinance 1979 Section 111 was claimed to cover penalty income twice in electricity expenditure, once in the trading account and again in the profit and loss account which was again claimed by the profit and loss account. Revenue increased. 100% tax exemption penalty was imposed by the department, which was corrected by the department by refunding the amount claimed under the Profit and Loss Account. , The income of this asset was properly subject to tax. No false details were presented. The expenses incurred were less than the amount claimed and no expense was claimed by the inspector. The penalty was not confirmed by the tribunal
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