I.T.AS. NOS. 1730/KB TO 1733/KB OF 2001, DECIDED ON 1ST JANUARY, 2004. versus I.T.AS. NOS. 1730/KB TO 1733/KB OF 2001, DECIDED ON 1ST JANUARY, 2004.
Sections 23, 27, 28 and 66 A deduction in capital gain computation costs was considered and considered by the IAC Estimation Officer, under section 66A, Income Tax Ordinance 1979. Was worried and the Superior Court decisions were not relied on / followed The Assessing Officer did not allow certain expenses that were not related to business income, acting under Section 66A of the Assistant Commissioner of Inspections, The Income Tax Ordinance 1979 failed to identify those costs and expenses against business income under section 23. To the extent the claim was made, which was related to the capital under Section 28 of the Income Tax Ordinance, 1979, the Assistant Commissioner, who was inspecting, failed to exclude his assertion that the expenses incurred in connection with the capital gains. Was revealed. No portion of the expenditure deducted from operational business income has been proved t o be invested in earning capital, the IAC could not uphold the rules of operation.
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