Law: Income Tax Act, 1922

Section: 4,4(2-A),13

(a) Income-tax Act (XI of 1922)---S. 4(2- A) [as inserted by Income-tax (Amendment) Act (V of 1965)1----Retrospcctivity of statutes--Words `any previous years' used in subsection (2-A)-To be extended retrospectively whenever accounts of previous years assessed after introduction of amendment-Subsection (2-A) inserted in S. 4 of Act, by necessary intendment, held, retrospective in effect. N. M. Khan and another v. The Chief Settlement and Rehabilitation Commissioner, Pakistan, Lahore and another 1970 S C M R 158; Messrs Mian Abdul Rahim & Sons v. Commissioner of Income-tax, Rawalpindi P L D 1973 Lah. 416 and Messrs United Bank of India Ltd. v. Commissioner of Income-tax, Dacca PLD 1960 Dacca 621 ref. (b) Income-tax Act (XI of 1922)- --S. 4(2-A)--Retrospectivity of statutes-Clause (2-A) of S. 4 of Act, although a fiscal statute and forming part of charging section, held, by that much retrospective effect, as intended by Legislature to be given to it by us; of words `any previous year' and 'that previous year' and by their necessary implication. I. T. O. v. Sulaiman Bahi Jiwa and others P L D 1970 S C 80 and Messrs Elahi & Co. v. Commissioner of Income-tax, Karachi P L D 1963 Kar.190 ref. (c) Income-tax Act (XI of 1922)- ---- S. 13-Computation of income--Income-tax Officer-Powers of--Method of accounting not regularly employed or if employed such that in opinion of Income-tax Officer income, profits and gains cannot properly be deducted there from-Income-tax Officer, held, empowered to make computation upon such basis and in such manner as he may determine. (d) Income-tax Act (XI of 1922)- -- S. 4(2-A)-Finding of fact-Income-tax Appellate `Tribunal-A Court of facts as well as a Court of law by all cannons of law and procedure and competent to examine finding of fact by lower authority to test its reasonableness and justification in context of surrounding circumstances. (e) Income-tax Act (XI of 1922)-- -- S. 4(2-A)-Discretion, exercise of-Exercise of discretion, held, should be neither capricious, nor arbitrary or perverse and should be able to meet test of reasonableness and justification. Lakhmichand Baijnath v. Commissioner of Income-tax, West Bengal…

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