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Long term liability / Escaped Assessment
08-03-2010, 05:22 PM,
Long term liability / Escaped Assessment

AoA dears, Mujay kuc pta krna tha case ya hai k, aik private limited company nay kuch security deposit lya hua hai apnay distributors say aur uskay against apnay assets unhain diaye huay hain (like gas cylinder in gas distribution /glass bottles in beverage etc), aur unko more than three years ho chukay hain (long term liability) but its not any kind of trade liability , to mujay aik to iss pr koi case decision chahiaye tha jo k security deposit k case main ho q k meri aik company ko taxation officer issi amount pr tax krna chah raha hai,
and 2nd thing usnay wording use ki hai escaped assessment u/s 122..., to iskay baray main bhi agr kisi ko kuch bhi info ho to share karay, q k meray khyal main ya koi escaped assessment nahi the previous years say related jb uswkt sab documents and baki material department ko provide kya gya tha,,

i am waiting for ur replies and especially for expert opinion from laptop brother
08-04-2010, 09:22 PM,
Sajid bhai Income Tax to taxable income par lagta hay,,, par jo Security Deposit hoty han wo to ap ki liabilites hoti han in par Income Tax kyon lagy ga,,,,

han agar kisi waja say aap wo security Deposit zabt kar layn to wo income ho gi aap ki,
08-04-2010, 09:27 PM,
us taxation officer say pori baat pochayn k wo kiss base par ye baat bol raha hay, or section ka hawala layn us say, phir may apna opinion day sakon ga aap ko,
08-04-2010, 09:47 PM,
<b>112. Liability in respect of certain security transactions.-</b>

(1) Where the owner of any security disposes of the security and thereafter re-acquires the security and the result of the transaction is that any income payable in respect of the security is receivable by any person other than the owner, the income shall be treated, for all purposes of the Ordinance, as the income of the owner and not of the other person.

(2) In this section, “security” includes 1[bonds, certificates, debentures,] stocks and shares.

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