Law: Income Tax Ordinance, 2001

Section: 111(1),111(1)(d),122(1),122(5),133(5)

Law: Income Tax Act, 1922

Section: 4

Income Tax Ordinance (XLIX of 2001)- - Ss. 122(5) & 111(1)- Definite information- Scope- Reference to High Court- Findings of fact- Scope- Department assailed the order passed by Appellate Tribunal whereby it had given the findings of fact that inflated/projected figures for obtaining Bank loan could not be considered as "definite information"- Held; applicant could not show that the impugned findings were perverse, contrary to record or suffered from any other legal infirmity or impropriety warranting interference in reference jurisdiction- High Court had to decide reference application in the exercise of its advisory jurisdiction on facts and circumstances founded by the Appellate Tribunal, which was the last fact finding forum- High Court could not change findings of facts arrived at by the Appellate Tribunal- Reference application was decided against the department. Messrs F.M.Y. Industries Ltd. v. Deputy Commissioner Income Tax 2014 SCMR 907 ref. ORDER Through this Reference Application under Section 133 of the Income Tax Ordinance, 2001 ("the Ordinance of 2001"), following question of law, arising out of impugned order dated 16.10.2018, passed by learned Appellate Tribunal Inland Revenue (Headquarters) * Islamabad ("Appellate Tribunal"), has been pressed and argued for our opinion:- "Whether on the facts and circumstances of the case, learned ATIR was justified to cancel the amended assessment under sections 122(1)/122(5) read with section 111(1)(d) of the Income Tax Ordinance, 2001 when the law fully empowers the Officer of Inland Revenue to make such amended assessment on account of concealed / suppressed sales?" 2. Brief facts of the case are that original deemed assessment in this case was amended under sections 122(1)/122(5) of the Ordinance of 2001, whereby taxable income for the year 2013 was re-computed at Rs.233,321,677/- and tax payable was calculated at Rs.57,944,028/-. Being aggrieved, respondent-taxpayer preferred appeal before CIR (Appeals), Lahore, which was rejected. Feeling dissatisfied, respondent- taxpayer filed second appeal before learned Appellate Tribunal, which was allowed. Hence this Reference Application. 3. Learned counsel…

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