Law: Income Tax Ordinance, 1979

Section: 65,62

ORDER These are Revenue appeals for the assessment years 1994-95 to 1997-98 against the order of the CIT(A), dated 21-6-2001 on the ground that the learned First Appellate Authority was not justified to direct thai declared version of property income should be accepted as per history of the case. 2. Learned DR has been heard. The facts of the case as narrated in the order of the First Appellate Authority are as follows:" "Returns for 1994-95 to 1997-98 were filed declaring income at Rs.43,200, Rs.45,643, Rs.73,380 and Rs.42,325. While examining the assessment record, the Assessing Officer observed that uptill assessment years, 1993-94 the assessee had been showing rental income from property 14-A, Shah Alam Market, Lahore at Rs.92,400 but no plausible explanation was given for reduction in rent receipts. Show-cause notice, dated 19-8-1999 was, therefore, issued to the assessee by showing intention to re-open the case under section 65 on account of definite information for 1994-95 to 1997-98 assessment years. In response to which the AR has furnished his reply and it is stated that the GALV had reduced on account of vacancy allowance. However, as no proof regarding the same was furnished, permission was sought from the IAC to re-open the case under section 65 of the Income Tax Ordinance, 1979. Notice under section 65 was issued and in response to which, the AR has attended the proceedings and filed the returns to declare income as before. Enquiry was marked to the Circle Inspector for estimating the rental income. Notice under section 62 was issued. The assessee was also required to furnish PT-I Form for properties at Shahdarah and Daroghawala along with rent deed of property at Daroghawala which had been rented out to Allied Bank Limited. In response to which, the AR submitted his reply but as his explanation was found to be…

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