C.I.R. (LEGAL) ZONE-I, R.T.O., PESHAWAR versus GADOON TEXTILE MILLS
Third Schedule, R1 (3A), Sections 22, 23, 24, 25 and 62 of the Income Tax Ordinance (XLIX of 2001), Circular No. 23 1988 dated 8 11 1988 of the CBR No. 8 of the 1988 Compensation Allowance Tax Holidays Reduction The first appellate authority, dismissing the assessment, directed that non-absorbed depreciation be adjusted against income / profits during the tax holiday period, and post-holiday income gains claimed. In the event of exemption from industrial work under different provisions of the Second Income Tax Schedule. The ordinance, 1979, was levied on profits and profits, but no exemption was thus raised for tax exemption and concession and improvement of economic activity of the country until the taxpayer claimed the leave. Whether the unit's profits and benefits were not taxed during the tax holiday period. That the nail revenue of the return was filed, no proper assessment was made in the year of the waiver, rather the nail revenue was estimated. Depression was ignored until the end of the tax holiday, and later on the tax holiday period was claimed as non-depreciation, which was in accordance with the rules and the law, because at that time no such R3 was not. Was on the law book. That was, unstable depreciation had to be pushed forward and adjusted against taxable profits and tax holiday period benefits. And the order passed under Section 124 of the Income Tax Ordinance, 2001, was illegal and even the work done by the tax officer on the threshold was not valid, it was only a minor negligence.
