BANK OF PUNJAB, LAHORE versus COMMISSIONER INLAND REVENUE, LTU, LAHORE
Section 100A, 206 (2), 214 (1) and Seventh Schedule, RR1 and 9 CBR Circular No. 1 Period 2 7 2007 2007 CBR Circular No. 2 Period 28 2 2008 Circular No. 3 of the CBR History of 2009 2009 17 7 2009 Circular No. 8 of the CBR 2009 25 25 Special provisions pertaining to the business of taxation 2009 Income tax reading section 100A of Income Tax Ordinance 2001 along with Section 100A of Income Tax Ordinance Income tax calculation was a special non-restriction provision which rejects all as far as the income of the taxable companies and taxation is concerned, matters related to it were restricted to the tax authorities. Was required to accept the audited accounts from the tax year 2009 in respect of banks' specific matters and adjustments. The Federal Board of Revenue has been strictly instructed in various circulars pursuant to a law which has the force binding on all subordinate tax officers under Sections 206 (2) and 214 (1) of the Income Tax Ordinance 2001. In the absence of an explicit law position and legally binding instructions, the Assessing Officer was obliged to accept the balance of income according to the audited accounts under the additions / adjustments to R1 (a) to (h) of the Seventh Schedule. Based on the misinterpretation of R9 of the Seventh Schedule to Income Tax Ordinance, 2001 Income Tax Ordinance, 2001, the following authorities concluded that the Seventh Schedule of Income Tax Ordinance, 2001 was not a self-imposed provision as far as calculation. Can be In the case of banking companies that were concerned about revenue, for the calculation of income of banking companies, the seventh schedule of the Income Tax Ordinance, 2001, provides the rules for calculating the profit and earnings of a banking company.
