Law: Income Tax Ordinance, 1979

Section: 66A,118D ofPart-I of Second Schedule

ORDER These titled appeals have been filed by the department against the consolidated impugned order dated 05.09.2009 passed by the learned CIR(A-I), Lahore for the assessment years 1994-95 to 1997-98 on the grounds as set forth in the memos of appeal:- 2. Brief facts leading to these appeals are that the assessee is an unquoted public limited company deriving income from manufacturing and sale sugar. While claiming exemption under clause 118D of Part-I of Second Schedule of the repealed Income Tax Ordinance, 1979, Original assessments in this case were finalized at nil income. The assessee filed rectification application claiming that the losses of exempt period would be computed in accordance with the decision of ITAT but the same was rejected. The department invoked the provisions of section 66A of the repealed Income Tax Ordinance, 1979 and interest income was charged to tax under section 30 of the repealed Income Tax Ordinance, 1979. Thus the original assessments were modified by way of assessing income for all the years under appeal. 3. Being aggrieved with the treatment meted out by the DCIT, the assessee preferred appeals before the first appellate authority who directed that the loss for the assessment year (exempt period) were to be adjusted against income assessed for post exemption period assessment years and also directed to set off the loss be adjusted accordingly. Feeling dissatisfied with the…

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