Law:

Section:

ORDER CH. ANWAAR UL HAQ (Judicial Member) The titled appeals pertaining to tax years 2005 (periods ended on 30.09.2004 and 30.06.2005) have been preferred at the instance of taxpayer calling in question the impugned order-in-appeal Nos. 33 & 34 dated 20.06.2012, passed by the learned CIR (A), Lahore. 2. Briefly stated, the relevant facts are that the taxpayer in this case is a public limited company is engaged in the business of manufacturing and sale of cloth. Returns for the tax years relevant to tax periods ended on 30.09.2004 and 30.06.2005 were filed on 16.01.2006, which were deemed to be treated as assessments in terms of section 120(1) of the Income Tax Ordinance 2001 Subsequently, the assessing authority on perusal of relevant record observed that the deemed assessment was erroneous insofar as prejudicial to the interest of revenue Accordingly, the deemed assessments were re-amended by the assessing authority vide order dated 15.06.2011 by resorting to the provisions of section 122(5A) whereby certain additions were made towards income for the years which was re-computed at business losses of Rs.31,754,410/- and Rs 4,649,696/- Being aggrieved the taxpayer preferred appeal before the learned CIR(A) and assailed the treatment accorded at assessment stage The learned CIR(A) disposed of these appeals vide order dated 20 06.2012. 3. At the very outset, the learned AR challenged the legality of the proceedings initiated u/s 122(5A) and submitted that the learned CIR (A) has failed to appreciate the true fact that re-assessment order was barred by time It is explained by the learned AR that admittedly return of incomes for the tax periods under appeals were filed on 16.01.2006 which were deemed to be treated as assessments in terms of section 120(1) of the Income Tax Ordinance, 2001 and at the time of filing of return the limitation for amendment of assessment was provided in sub-section (2) of section 122 which was five years starting from the date of filing of return It is submitted by the learned AR that show cause notice u/s 122 was issued on 25.05.2011 and amendment of assessment was completed vide order dated 15.06.2011 le much after the completion…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492