Law: Income Tax Ordinance, 1979

Section: 23(1)(v),62,62B,66A

THIS ORDER PASSED BY: WAJID AKRAM, ACCOUNTANT MEMBER:---.--- Titled appeals have been preferred at the instance of department directed against the consolidated order dated Nos.31 and 32 dated 23.11.2005, passed by the learned C1R(A), Lahore, pertaining to assessment years 1995-96 and 1996-97. 2. Brief facts of the case are that the original assessments for the years under consideration were finalized under section 62 of the (repealed) Income Tax Ordinance, 1979. Later the same were modified u/s 66A of the said Ordinance on 15.05.1999 by making an addition on account of income credited to suspense account. The order was, however, again revised u/s 66A on 13.06.2000 by making addition on account of lease rentals and the incomes of the assessee bank for the two years were computed as under:- 1995-96 1996-97 Income originally assessed u/s 62 Rs. 1,509,157,246/- Rs. 1,623,686,345/- Income modified u/s 66A by order dated 15.05.1999 Rs. 102,135,000/- RS.55,000,000/- Income modified u/s 66A by order dated 13.06.2000 Rs. 100,302,137/- Rs.l 06,536,666/- Total income assessed u/s 66A Rs.l,711,594,383/- Rs. l,785,223,011/- 3. The assessee bank being aggrieved with the order above, filed appeal before the Tribunal who vide order dated 12.08.2002 has set- aside the assessments with the following directions:- "In the circumstances, we consider it appropriate to set aside the two orders with the directions to provide an opportunity to the appellant bank to provide details of actual lease rentals received and with further direction to the learned IACIT to allow tax depreciation legally admissible under the Third Schedule of the Income Tax Ordinance, 1979." In consequence of the order of the Tribunal dated 12.08.2002, the assessing officer, after obtaining the reply of assessee, passed the assessment order dated 25.06.2004. The assessee bank being dissatisfied with the order of the assessing officer filed appeal before the CIR(A), who rejected the appeal of the assessee on the issue of taxing income from leasing on accrual basis instead of on receipt basis whereas on all remaining issues, the appeal of the assessee bank was accepted vide order dated 15.1 1.2005. The department…

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