KURDISTAN TRADING COMPANY versus COMMISSIONER INLAND REVENUE
Sections 34 (5) (5A), 70, 114, 118, 120 (1), 122 (9) and Second Schedule, Part IV, CL (3A) BPD Circular 29 Dated 15 10 Mar 2002 Income tax was declared as exempt from return on such income as per State Bank Banking Policy Department Circular No. 29, 2002. Such exemption was rejected under Section 70 of Income Tax Ordinance 2001, 10 10 2002. While taxpayers were treated as income and income tax. 15 10 was filed on 2004, when Part IV (3A) of the Second Schedule to the Ordinance was inserted through the Finance Act 2004 from July 2004, thus it was entitled to benefit from the CL (3A) tax year. 2004 required his gross income to be submitted by 30, 2004, but after being discharged, he filed, under section 120 (1) of the Ordinance, after filing the deemed assessment of 15 2004 2004. Will come into existence in the history of The return of income in terms of section 114 is read with Section 118, which assumes the tax year 2004 was the e-pending of the taxpayers when section IV of the second schedule of the CL (3A) Ordinance was inserted. , Conditions in which taxpayers have been found to be exempt and beneficial, excluding profits and debt forgiveness or benefits obtained through debt forgiveness. The tax legislation benefited from referring to BPD Circular No. 29 of 2002, when inserting CL (3A) in Part IV of the Second Schedule of Income Tax Ordinance 2001, for taxpayers for the tax year 2004. 15 10 2002 accounts were closed by 30 6 2004, but the assessment, which included calculation, calculation, application of tax rates and waiver, etc., if any
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