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I.T.A. NO.4620/LB OF 1994, DECIDED ON 16TH JULY, 2002. versus I.T.A. NO.4620/LB OF 1994, DECIDED ON 16TH JULY, 2002.

Section 12 (18) of the Companies Ordinance (XLVII of 1984), the loan of income from the Managing Director for the purchase of Section 73 land, the basis for such loan change in the capital against the allocation of shares in the revised balance sheet. It was stated that the company had not been made available through cross-checks, that the assessee's explanation that revising the balance sheet was the result of an error which was rejected by the auditor of the company under which the balance sheet The valid edit was made. Sharing allotments to the managing director in 1979 with the intention of avoiding tax liability under section 12 (18) / 30 of the Income Tax Ordinance, as the company owed him a loan under which What amount of money was included in the company's balance sheet? The original balance sheet was signed by Head \ Current Liabilities \ Managing Director and it was stated that the balance sheet amount was presented as an indefinitely ited loan \ amount of Head \ Current Liabilities \ Managing Director. Revising such balance sheet after death was clearly considered solely to avoid tax liability under section 12 (18) / 30 of the Income Tax Ordinance, 1979 Form III was not The Companies Ordinance was filed with the Registrar of Companies within 30 days of the alleged allotment of shares under Section 73 of the 1984 Act and the same matter was made under section 12 (18). When the appraisal officer made the same request during the appraisal proceedings, it was filed with great pleasure. ) The Income Tax Ordinance, 1979, was fully justified by the Assessing Officer and earlier granted by the Appellate Authority. pakistani advocates Akhora Khattak lawyer