Law: Income Tax Ordinance, 2001

Section: 111(1)(b),111(2),120,122(1)

Law: Income Tax Ordinance, 2001

Section: 111(1)(b),111(2),120,122(1)

Income Tax Ord. 2001 (XLIX of 2001) - Sections 111(1)(b), 120, 122(1) - Amendment of assessments - Return filed by assesse deemed to be assessment u/s 120 - Purchase of property by taxpayer - Definite information - Issuance of notice to explain source of investment - Deemed assessment amended u/s 122(1) - Addition in income of assessee - Directions to DIR by CIR(A) to verify documentary evidence regarding foreign remittance from concerned bank - Validity - Whether assessing authority has rightly made addition u/s 111(1)(b) in tax year 2005 as property in question was purchased by taxpayer on 06-06-2005, and first notice was issued on 24-11-2010, when relevant law i.e. section 111(2) was changed by substitution of words "immediately preceding the financial year" with words "to which such amount relates" through Finance Act, 2010 - Held yes - Whether taxpayer has failed to bring on record relevant documentary evidence at any stage i.e. ownership of agricultural land, payment of agricultural tax etc. to substantiate his claim that he earned some kind of agricultural income - Held yes - Whether issue of availability of sources through sale of jewellery is remanded back for denovo decision and order of CIR(A) in this behalf vacated while rest of order of CIR(A) being in accordance with law is hereby maintained - Held yes. As far as the taxpayer's legal objection that the addition was not made in the relevant tax year, 1 find that the assessing authority has rightly made the addition u/s 111(1)(b) in the tax year 2005 as the propeity in question was purchased by the taxpayer on 6-6-2005. The assessment in the instant case was completed on 16-6-2011, and first notice was issued in the case on 24-11-2010, when the relevant law i.e. section 111(2) was changed by substitution of the Words "immediately preceding the financial year" with the words "to which such amount relates" through Finance Act, 2010. Since the law as it existed on the relevant date of initiation of proceedings and completion of assessment stood changed and the said changes made in law shall prevail and shall be applicable. Therefore, I find no weight in the contention of the AR and hold that the…

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