2007 PTD 31

Case Laws / Head Notes / Paras

---Penalty for concealment of income etc.---Addition---Set off against loss---Department contended that addition under S.13 of the Income Tax Ordinance, 1979 was assessable under the head "income from other sources" and the same could not be set off against the brought forward loss of the previous year and addition having been separately made under the head "income from other sources" penalty under S.111 of the Income Tax Ordinance, 1979 was rightly made---Assessee contended that loss was declared and assessed and after including brought forward losses, the carry forward loss was determined therefore, no tax was payable on the declared or the assessed income, as both these figures represented the loss and in case of loss, no tax was payable by the assessee, therefore, no penalty could be l...