Law: Income Tax Ordinance, 2001

Section: 122,122(5A),122(9),18(2),18(3),39,40,20

(a) Income Tax Ordinance (XLIX of 2001)---S.122(5A)---O.M. No.5010-M(IT)/18 dated 23-8-1980---Amendment of assessments---Binding effect of said O.M.---Taxpayer contended that First Appellate Authority erred in holding that O.M. No.5010-M(IT)/18 dated 23-8-1980 could not overrule express provisions of Income Tax Ordinance, 2001 whereas the fact was that the said O.M had binding effect on the functionaries of Income Tax Department---Validity---Finding of First Appellate Authority had force since O.M being relied on was issued in 1980 which now stood repealed by Income Tax Ordinance, 2001---Even otherwise Federal Board of Revenue could not intervene in quasi-judicial functions of the Assessing Officer---Objection regarding referring case to Federal Board of Revenue had no force since taxpayer was supposed to make request for referring his case to Federal Board of Revenue; which it did not---No reason existed to interfere with the findings of First Appellate Authority on the issue which was accordingly upheld and appeals filed by the taxpayer was rejected. (b) Income Tax Ordinance (XLIX of 2001)--- ----S.122 (9)---Amendment of assessments---Opportunity of being heard---Scope---Contention of the taxpayer was that proper opportunity of being heard was not afforded to it---Validity---Such contention of taxpayer was not relevant on the ground that the taxpayer itself had admitted that notice under S.122 (9) of the Income Tax Ordinance, 2001 was issued to it, which itself was an opportunity of being heard provided to the taxpayer. (c) Income Tax Ordinance (XLIX of 2001)--- ----Ss. 18(2), 18(3), 39 & 122(5A)---Income from business---Profit on deposit of surplus fund---Adjustment of profit on bank deposits in the brought forward business losses---Taxpayer contended that Taxation Officer was not justified to refuse adjustment of profit on bank deposits in the brought forward business losses on the ground that profit of bank deposit was assessable under S.39 of the Income Tax Ordinance, 2001 whereas the interest on bank deposit was business income of the taxpayer on the surplus funds deposited by the taxpayer in the bank---Revenue authorities contended that profit on…

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