ISLAMABAD: Port Qasim Authority has claimed irregular losses of Rs761.109 million during previous fiscal year.
According to details, Port Qasim Karachi, irregularly claimed previous years loses on the basis of returns. However, it was observed in audit report of Auditor-General of Pakistan (AGP) that either previous years losses were not available or the same were reduced or converted into income through order under section 122 or 122 (5A) but taxpayer incorrectly claimed previous year losses on the basis of returns.
It is important to mention here that Section 56 and 57 of Income Tax Ordinance 2001, provided for set off and carry forward of un-adjusted business losses for the year against the business income of subsequent tax year.
The returns filed are treated under section 120 and commissioner may conduct audit of income tax records of taxpayer under section 177 and amend and the returns under Section 122.
The commissioner may also amend or further amend an assessment order under section 122 (5A) if he considers that assessment order is erroneous and so far it is prejudicial to the interest of revenue.