Law: Income Tax Ordinance, 1979

Section: 13(l),65,31,Sched.,172,2(7)

(a) Income-tax Ordinance (XXXI of 1979)---Ss. 13(l) & 65--Re-opening of assessment--Definite information---Assessing Officer had obtained prior approval of the I.A.C.--Even if there was any substance in the objection of lack of definite information that lust all force because of prior approval of the I.A.C.--Where the assessee failed to explain the source of acquisition of certain amount in September, 1976, the assessing officer, held, was justified in treating that amount as income from undisclosed source in the income year corresponding to the assessment year 1977-78. Commissioner of Income-tax v. Manzur Qadir, Barrister-at-Law P L D 1966 Lah. 495; Commissioner of Income-tax, Punjab v. Jagan Nath Maheshwary (1957) 32 I T R 418; I L R 40 Mad. 200; State Bank of Travancore 158 I T R 102 (SC); Morvi Industries Limiteds case 82 I T R 102; Bejoy Singh Dadhurics case 1 I T R 135 PC; Manzoor Qaders case P L D 1966 Lah. 495; Suraj Rattan Demani 106 I T R 576; Ferozepur Finances case 124 I T R 619; Devi Firms 143 I T R 386 and C.I.T. v. Piara Singh 83 I T R 678 held not relevant. (b) Income-tax Ordinance (XXXI of 1979)-- ---Ss. 31 & 13--Confiscation of amount of assessee--Amount which had been added and treated as income from undisclosed source under S.13(1) had not been treated as business income nor it had been claimed as business income--Such an income falls under the head income from other sources and under that head loss, if any, of this nature was not an allowable deduction--Only that expenditure was allowable which had been laid out or had been expended wholly and exclusively for the purpose of earning such income--When any expenditure had been incurred by the assessee in acquiring confiscated amount that could be allowed but any expenditure or loss subsequent to the acquisition could not be an admissible expense. (c) Income-tax Ordinance (XXXI of 1979)-- ---S. 13(1)(aa) [as added by Finance Ordinance (XXV of 1980)-¬Addition under S.13(1)(aa)--Assessment proceedings started against assessee in 1984 and finally assessment was made on 18-6-1984 and again re-assessment was made on 2-2-1986--When assessment was made under C1. (as), subsection (1) of S.13 was…

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