I.T.AS. NOS. 735/LB AND 851/LB OF 2003, DECIDED ON 19TH SEPTEMBER, 2005. versus I.T.AS. NOS. 735/LB AND 851/LB OF 2003, DECIDED ON 19TH SEPTEMBER, 2005.
Section 62 (1) Assess the production of accounts, evidence, etc., based on rational / past history, in the pursuit of profit and loss expenses. The appraiser said that the first appellate authority in dealing with profit and loss was not at all. Valid and should have been fully authorized because the Assessing Officer had failed to comply with the mandatory requirements set out in section 62 (1) of the Income Tax Ordinance 1979, but assessed if any profit was justified. In any case, a valid author's review of a legitimate encounter will be reviewed. And, behind the loss, was the fact that no formal confrontation was made under section 62 of the Income Tax Ordinance, 1979, only on the basis of past history did the appellate tribunal instruct that the claimed expenses were not legalized. Will go Accepted
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