MESSRS HOTEL KASHMIR PALACE (PVT.) LTD. versus INCOME TAX/WEALTH TAX DEPARTMENT, CIRCLE 2, COMPANIES ZONE-I, LAHORE
Before filing Sections 55 and 136 Return Appeals, the High Court Appellant filed a return declaration of loss for the respective assessment year, but the Assessing Officer did not accept it and determined the Appellant's gross profit at the rate of 40 And accordingly the Commissioner taxed the income tax. Appeal reduced the gross profit rate by 30% and said that the Income Tax Appellate Tribunal Appellant filed an appeal before the High Court asking whether the Income Tax Appellate Tribunal justified the gross profit rate by 30%. Against which the announced rate is 29%. The appellant's case was that when the appraisal officer in a parallel case had fixed 26% 51% of the gross profit of a similar business, the same rate should be applied as the dispute was overturned as it was the case of the appellant himself. It had a profit margin of 29 41 41 percent. Therefore, it was irrelevant to hold on to a comparison or a parallel issue. If the commissioner's income tax rate was increased by only 59%, it could be that the question of arbitrary and unlawful question could not be answered.
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