Sections 221 and 156 (4) of the Income Tax Ordinance (XXXI of 1979), Sections 35, 62, 50 (5A) and 80 C of the Income Tax Ordinance finalized under Section 62 of the Income Tax Ordinance 1979 on the basis of forwarding business losses. Diagnosis finalized. This resulted in losses that could be deducted against only business income, compared to revenue generated from other sources. Under the final tax regime, imports were to be taxed at 6% while the applicable rate of 5% was loss of income while adjusting for further business losses as well as taxation on other income. Errors are obvious. The remedial action under section 221 of the Income Tax Ordinance 2001 was finalized under the Income Tax Ordinance 1979 under the Income Tax Ordinance 2001, despite the disclosure of potential income under Section 62 of the Income Tax Ordinance, 1979 The original order sanctioned under the Act was also present and the orders passed under section 2121 of the Income Tax Ordinance 2001, while rectifying the errors, the mistake made by the predecessor was repeated and the rate of 6% was applied. Calculation of sales revenue of commercial imports rather than cost of importation under the provisions of section 50 (5A) of the Ordinance, 1979 The orders of both the authorities were vacated and the case was remanded with the direction that the import of commercial imports for the purpose of collecting tax under section 80C of the Income Tax Ordinance, 1979, was charged with the admission bills. Go The procedure was set out in section 50 (5A) of the Income Tax Ordinance 1979, instead of collecting tax on the sale.
