Law: Income Tax Ordinance, 1979

Section: 65(2),165,65,59,154(6),13(1)(aa)

(a) Income Tax Ordinance (XXXI of 1979)---S.65(2)---Additional assessment---Definite information ---Any information in respect of sales and purchases, made by the assessee, of any goods would be termed as "definite information". 1993 PTD 1680 distinguished. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.165---Circular by Central Board of Revenue---Central Board of Revenue has ho power to issue circulars which can override, modify or in effect amend the provisions of the Act. (1985) 152 ITR 39; 1986 PTD 793 (Trib.) and (1961) 4 Tax 154 (Trib.) ref. (c) Income Tax Ordinance (XXXI of 1979)--- ----Ss.65 & 59---C.B.R. Circular No. 3 of 1985 dated para 6 and Note 7---¬Self-assessment---Additional assessment--Approval of Inspecting Assistant Commissioner and permission of Central Board of Revenue- --Terms "approval" and "permission"---Connotation---Income Tax Officer after applying his mind by a letter submitted his proposal for additional assessment of the assessee to the Inspecting Assistant Commissioner who also applied his mind before forwarding the said letter to Commissioner of Income Tax for forwarding the same to Central Board of Revenue for permission to make the additional assessment---Inspecting Assistant Commissioner having been associated with the whole exercise had approved the action of the I.T.O. and compliance of S.65, Income Tax Ordinance, 1979 was thus made in circumstances. Oxford Dictionary and Chambers Dictionary ref. (d) Income Tax Ordinance (XXXI of 1979)--- ----Ss.65 & 154(6)---Additional assessment---Service of notice---Where the assessee had filed return in response to. notice issued under S. 65, Income Tax Ordinance, 1979, he could not challenge the validity of such notice in view of S.154(6) of the Income Tax Ordinance, 1979. (1989) 59 Tax 108 ref. (e) Income tax--- ---"Dandakar formula"---Application---If the purchases are verifable, Dandakar formula can be applied. (f) Income Tax Ordinance (XXXI of 1979)--- ----S.13(1)(aa)---Addition---Separate addition will only be made if it is over and above the intangible addition made in trading account---If the intangible addition made in trading account is more than that figure then no…

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