NEW DEFENCE ESTATE, 90-Y DHA, LAHORE versus C.I.R., AUDIT DIVISION-II, RTO, LAHORE
Sections 111 (1) (a) (b), 122 (1) (5), 177 (4) and 120 unclaimed income or asset bank credit entries claim that the loan received from the debit entries in the bank statement shows Yes the bank while the credit statements in the bank statement represent the payment of the same loan amount. And cannot be modified without the precise information that any tax revenue has gone beyond assessment or that other events have occurred. And not to mention the availability of such sure information, the taxation officer started off with misunderstandings. And the provisions of section 111 of the Income Tax Ordinance 2001 were apparently misused. And the source of the money alleged to be real estate was the bank and the nature of such money was the loan. And only the first receipt can be considered, which was the loan amount, but the repayment and reserves of the same amount could not be considered as income because the scope of Section 111 of the Income Tax Ordinance was erroneously explained. 2001 and such supply can be made in the form of unidentified income. If the taxpayer was unable to explain the nature and amount of the money in the statement of the question, it would appear that this amount represents bank loans and the property of the taxpayers. do not have. In the face of the documents which were the basis for proceedings under Section 111 of the Income Tax Ordinance, 2001, since the amount was loaned, not owned by the taxpayers, Section I11 of the Income Tax Ordinance 2001 without any application According to the mentality of the law, proceedings were initiated against misinterpretation of law and facts, but it was said that the law had been taken into account
