SHAHPOSH GARMENTS, GUJRANWALA vs The CIR ZONE-II, RTO, GUJRANWALA Ss — 2022 PTD 187 INLAND REVENUE APPELLATE TRIBUNAL OF PAKISTAN

Case information

Citation: 2022 PTD 187 INLAND REVENUE APPELLATE TRIBUNAL OF PAKISTAN
Year: 2022
Reporter: PTD
Parties: SHAHPOSH GARMENTS, GUJRANWALA vs The CIR ZONE-II, RTO, GUJRANWALA Ss
Subject matter: Tax & Customs
Provisions referred to: Income Tax Ordinance

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

SHAHPOSH GARMENTS, GUJRANWALA VS The CIR ZONE-II, RTO, GUJRANWALA Ss.18 & 20---Income from business---Deductions in computing income chargeable under the head "income from business"---Scope---Liability as to tax on income from business must be created on the mechanism as enshrined in the Part-IV, Division-I and Division-II of the Income Tax Ordinance, 2001, whereunder, Ss.18 & 20 of the Income Tax Ordinance, 2001, when read in conjunction with each other facilities deductions of business expenditures incurred on income earned and it is the net profit which has to be taxed and not the gross sales deeming them as undisclosed income.

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