Law: Income Tax Ordinance, 1979

Section: 12,12(7),156

(a) Income-tax Ordinance (XXXI of 1979)---Ss. 12(7) & 156--Central Board of Revenue Circular No.32, dated 8-12-1980 and No. SRO 750(1)/79, dated 23-8-1979--Addition of deemed interest income on loan under S. 12 (7)--Loans not advanced directly or indirectly for purposes of carrying on any business or profession-­Such loans excluded from applicability of S. 12(7) by Notification No. SRO 750(1)/1979--Application by assessee firm for rectification--Income-tax officer taking view that all amounts of advance made by assessee firm were hit by provisions of S. 12(7) of Ordinance and, therefore, added deemed interest income to which partner of assessee firm agreed-­Assessment order showing that no specific plea was raised before assessing officer 'with regard to debtors' not having used directly or indirectly loans for purposes of any business or profession carried on by them--Consent as given by assessee absolving Income-tax Officer of his responsibility to probe into fact as to whether amount of loan was actually used by debtors for purpose they were alleged to have been advanced by assessee or not--Income-tax Officer, held, could not be estopped from examining loans for purpose of any business or profession carried on by them, if any in circumstances--No mistake was, therefore, apparent on record which could be rectified without bringing material evidence establishing fact that debtors were specified persons to whom provisions of S.12(7) of Ordinance did not apply--Application for rectification was, therefore, not maintainable. (b) Income-tax Ordinance (XXXI of 1979)-- ---Ss. 12(7) & 156--Central Board of Revenue Circular 8R0 750 (1)/79, dated 23-8-1979--Rectification--Pendency of revision application of assessee before Commissioner of Income-tax' (Revision), held, could not by itself come in way of assessee to seek rectification of some obvious mistake of fact or law or render Income-tax Officer deprived of his jurisdiction to pass an appropriate order under S.156 of Ordinance to rectify or decline to rectify any mistake alleged to be apparent from record on his own notion or on such mistake being brought to his notice by any other Income-tax authority or…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492