MESSRS AYENBEE (PRIVATE) LIMITED versus INCOME-TAX APPELLATE TRIBUNAL (HEADQUARTERS), KARACHI
Income Tax Ordinance 1979 Section 23 Accounts Denied Trading Account Profit and Loss Cost Claims Rejection is irrelevant Sales and gross profit are justified Unrealized profit and loss expenses are not charged for sales and gross profit amounts The proper reason for rejecting trading results was sales and gross profit trading account entries where profit and loss costs are recorded in profit and loss entries in which there is no way to register for entries. Trading Account Profit and Loss Costs were not a standard for measuring trading results when the objection to the rejection of trading results was invalidated when the Assessing Officer declared the profit and loss expenses as excessive, disproportionate. He could not allow it, deemed unexpected or irrational. Under section 23 of the Income Tax Ordinance 1979, but after reasonable reasoning and identifying specific items which are not allowed
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