Judgment Text

2013 P T D (Trib.) 1600 [Inland Revenue Appellate Tribunal of Pakistan] Before Jawaid Masood Tahir Bhatti, Chairman and Faheemul Haq Khan, Accountant Member Messrs TRG PAKISTAN LIMITED, KARACHI Versus C.I.R., R.T.O., KARACHI I.T.As. Nos. 661/KB and 786/KB of 2010, decided on 28th March, 2013. (a) Income Tax Ordinance (XLIX of 2001)--- ----Ss.122(5A) & 210---Amendment of assessment---Powers of Additional Commissioner---Additional Commissioner under delegated authority could perform the function and exercise the powers of the Commissioner with specific reference to S.122(5A) of the Income Tax Ordinance, 2001---Order under S.122(5A) of the Income Tax Ordinance, 2001 was declared legal and within lawful authority by the Appellate Tribunal. I.T.A. No.370/LB of 2009, dated 16-5-2009 ref. Writ Petition No.653 of 2009 dated 2-7-2001 and C.Ps. Nos.1664-1665 of 2009, dated 11-9-2009 rel. (b) Income Tax Ordinance (XLIX of 2001)--- ----Second Sched., Part-I, Cl.(101), Ss.122 (5A), 122(9) & 2(72)---Income Tax Ordinance (XXXI of 1979), Second Sched: Part-I, Cl.(102G)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.39(2)---Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003---Venture Capital Companies and Venture Capital Funds Rules, 2000---Venture Capital Companies and Venture Capital Funds Management Rules, 2001---FBR's Circular No.1 of 2006 dated 1-7-2006---Director General's letter dated 30-6-2008---Exemption---Tax year…