QUALITY HOME (PVT.) LTD., LAHORE versus COMMISSIONER OF INLAND REVENUE, R.T.O., LAHORE
Sections 21 (i), 111 (1) (b), 122 (1) and 177 deductions are not allowed Plot / Purchase price Purchase, taxpayer, real estate business income, sale of plot The price claimed, which was a cash-based order was amended under section 21 (i) of the Income Tax Ordinance 2001, the taxpayers held that the provisions of section 21 (i) of the Income Tax Ordinance 2001 The taxation officer was completely mistaken for the request. Profit and Loss Account Expenses; and since this issue relates to the sale cost of the plot, which was made on a cash basis, only the accuracy of section 21 (i) of Income Tax Ordinance, 2001, (1) The provisions of (b) can be made only by recourse. ) The Income Tax Ordinance, 2001 can only deal with profitable and loss accountable expenses, while the collective provisions of Section 21 of the Income Tax Ordinance 2001 have benefited from dealing with the accountable costs of profit and loss. Is gone The trading account was to be covered then it would only deal with deductions like rent, wages, fuel, commission, interest, salary (related to manufacturing trading account). And the purchase, without a doubt, provided that the provisions of Section 21 (i) of the Income Tax Ordinance 2001 apply only to the expenses incurred in the profit and loss account and cannot be claimed for that. The purpose of the increase in the purchase calculation, since the purchase of a plot on a cash basis, was increased by resorting to the irrelevant provisions of section 21 (i) of the Income Tax Ordinance 2001, hence the order to delete it. Was given
