Law: Income Tax Ordinance, 2001

Section: 120,122(5A)

Law: Income Tax Ordinance, 1979

Section: 62,135

INCOME TAX ORDINANCE, 2001 (XLIX OF 2001)---Sections: 120 & 122(5A) - Income Tax Ordinance, 1979, Sections: 62 & 135 - Assessment years 1997-98 to 2002-03 - Tax years 2003 and 2004 - Assessments amended- CIR(A), partially allowed appeals, Appellate Tribunal disposed of cross appeals - Certain issues of either cases remanded back to the assessing officer - Re-adjudication made - CIR(A), confirmed additions - depreciation not provided - - The DCIR in his orders observed that proceedings for assessment years 1996-97 was also set aside by the Appellate Tribunal, but appellant could not make out case of admissibility of said depreciation in proceedings u/s 62/135 for the assessment year 1996-97 - Appeal against - FACTS Facts of the case are that assessments were finalized u/s 62 of repealed Income Tax Ordinance, 1979 whereas returns for tax years 2003 and 2004 treated assessment orders u/s 120(1) of Income Tax Ordinance, 2001 Ordinance were amended under section 122(5A) of the new Ordinance. Appeals were filed before Commissioner (Appeals) where partial relief was allowed. Cross appeals were filed before this Tribunal. This Tribunal disposed of cross appeals where on certain issues cases were remanded back or confirmed. Re-adjudication was made in the remand cases in the light of Tribunal’s directions as per order mentioned above. In first appeal, learned CIR(A) confirmed the additions. The appellant bank has now come up in appeal before Tribunal. Additions were made under section 24(c) of repealed Ordinance for non-deduction of tax. Proceedings in this case for tax year 2006 were initiated by issuing notice under rule 44(4) of the Income Tax Rules, 2002. Subsequently, notice u/s 161(1A) of the Ordinance was issued wherein DCIR took figures from the audited accounts and asked the appellant-bank to reconcile tax deduction on payment of these expenses. The appellant-bank contested the proceeding as barred by limitation. The appellant-bank also filed reply on merit. The DCIR turned down legal objections and created default u/s 161 of the Ordinance at Rs.15,140,650. The appellant-bank contested this order before CIR(A) who rejected the ground regarding time limitation.…

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