5107/2021 Const. P. Atlas Honda Ltd (Petitioner) V/S Pakistan and Others (Respondent)
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author), Hon'ble Mr. Justice Mahmood A. Khan
5107/2021 Const. P. Atlas Honda Ltd (Petitioner) V/S Pakistan and Others (Respondent) Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui(Author), Hon'ble Mr. Justice Mahmood A. Khan Order Date: 18-FEB-22
Sectoral benchmark ratios are therefore figures for various business metrics that must be used by the Commissioner to determine taxable income for a taxpayer where a taxpayer has been lawfully selected for audit but is unable to provide the relevant information, sufficient explanation for the record. Sectoral benchmark ratio does not concern with sectoral audit selection. It only empowers the Commissioner on an event when a taxpayer has failed to furnish record or documents including books of accounts or has furnished incomplete record or books of accounts or is unable to provide sufficient explanation regarding defect in relation to the documents or books of accounts on the basis of an independent procedure of Section 177 of Ordinance 2001. It is at this stage when the guidelines of sectoral benchmark ratios, as prescribed by the Board, could be adhered to.