Law: Income Tax Ordinance, 2001

Section: 120B,122(2),177

(a) Income Tax Ordinance (XLIX of 2001)--- ----Ss.122 (2), 120-B & 177---Amendment of assessment---Limitation---Tax year 2006---Revenue contended that First Appellate Authority was not justified in annulling the amended assessment order particularly when subsection (2) of S.122 of the Income Tax Ordinance, 2001 was substituted by the legislature; and that period of 5 years had to be recorded from the end of the Financial year in which the Commissioner had issued or treated to have issued the assessment order to the taxpayer within the period of that tax year---Validity---Amendment made in subsection (2) of S.122 of the Income Tax Ordinance, 2001 through Finance Act, 2009 was prospective/restrictive in its application and did not apply to the assessment order passed/issued by the Commissioner up to the tax year 2009 as the substitution, was operative from 1-7-2009---Taxpayer had filed its return on 12-2-2007 which was taken to be assessment order issued to the taxpayer by the Commissioner on the day on which the return was furnished i.e. 12-2-2007, the reckoning period of 5 years, the Commissioner could amend the assessment order by 12-2-2012 whereas amended order had been passed by the Taxation Officer on 29-6-2012 which was hit by limitation and as such not sustainable in the eyes of law being passed beyond the period of limitation i.e. 5 years after passing the assessment order---First Appellate Authority had rightly annulled the amended assessment order which called for no interference. Commissioner of Income Tax v. Eli Lilly Pakistan (Pvt.) Ltd. and others 2009 PTD 1392; Honda Shahra-e-Faisal (AOP) and others v. Commissioner of Income Tax 2005 PTD 1316; Kashmir Edible Oil Limited v. Federation of Pakistan 2005 PTD 1621; United Builders Corporation, Mirpur v. Commissioner of Income Tax 1984 PTD 137; Galaxo Laboratories Limited v. Inspecting Assistant Commissioner of Income Tax 1992 PLD 549; Mrs. Anjum Shaheen v. Inspecting Assistant Commissioner of Income Tax 1993 PTD 1113 and 1232; Monnoo Industries Limited v. CIT 2001 PTD 1525; Messrs Nagina Silk Mills v. I.T.O. 1963 PTD 633; Gulshan Spinning Mills Limited v. Government of Pakistan 1995 PTD 259 and…

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