Law: Income Tax Ordinance, 2001

Section: 24(11),122,120(1)(b),122(2),122(5A)

Law: Civil Procedure Code (V of 1908)

Section: OrderXLI,Rule33

Income Tax Ordinance (XLIX of 2001)--S.122(5A)--Reassessment--Principle--Limitation--Taxpayer was aggrieved of reassessment made by Assessing Officer beyond time limitation--Validity--Held, it was not open for a tax authority to pick any item of expense from return of taxpayer on the basis of guesswork, seek explanation from taxpayer or call records and then frame an opinion to amend assessment under S. 122(5A) of Income Tax Ordinance, 2001--Factum of erroneousness and loss of revenue must be afloat from records beyond any shadow of doubt or ambiguity in order to make a resort to S. 122(5A) of Income Tax Ordinance, 2001-- Assumption of jurisdiction by Assessing Officer was incorrect-- Taxpayer furnished its return of income for tax year 2007 on 30-09- 2009 i.e. prior to amendment in S. 122(2) vide Finance Act, 2009, through which limitation to complete assessment was extended from five years to six years--Deemed assessment was required to be amended up to 10-9-2012 whereas it was amended on 30-6-2013 and the same was barred by time limitation as provided under law--High Court set aside amended assessment order as the same was barred by time-- Appeal was dismissed accordingly. Additional Commissioner Inland Revenue, Audit Range, Zone-I and others v. Messrs Eden Builders Limited and others 2018 PTD 1474; Commissioner of Income Tax v. Cochin Refineries Ltd. (1996) ITR 220 ITR 398; New India Life Assurance Co. Ltd. v. CIT, (1957) 31 ITR 844; Moulana Atta Ur Rehman v. Al-Hajj Sardar Umer Farooq and others PLD 2008 SC 663; Nirmala Bala Ghosh v. Balai Chand Ghosh, AIR 1965 SC 1874, 1884; CIT v. Mahalakshmi Textile Mills Ltd., (1967) 166 ITR 710 (SC); National Thermal Power Co. Ltd. v. Commissioner of Income Tax, (1998) 229 ITR 383 (SC); Sang-ram Singh v. Election Tribunal AIR 1955 SC 425; Pir Sabir Shah v. Shah Muhammad Khan PLD 1995 SC 66; CIT v. Ghazi Barotha Construction 2004 PTD 1994; Messrs Squib Pakistan (Pvt.) Ltd. v. Commissioner of Income Tax and other 2017 PTD 1303; Chairman, Nab v. Muhammad Usman and others PLD 2018 SC 28 and Caltex Oil (Pakistan) Ltd. v. Collector, Central Excise and Sales Tax and others 2005 PTD 480 ref. ORDER: M.M. AKRAM (JUDICIAL…

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