Law: Income Tax Ordinance, 1979

Section: 13,Sched,136,13(1)(aa)

Income Tax Ordinance (XXXI of 1979)---Sched. II, cl. (172) & Ss. 136 & 13(1)(aa)---C.B.R. Circular No.9 of 1985--­S.R.O. No-721 (1/85), dated 20-7-1985---Purchase of Special National Fund Bond---Entitlement to set-off---Assessment of the assessee having not 'been finalised prior to the enactment of cl. (172) of Sched.II, assessee was entitled to the benefit of cl. (172) of Sched. II. In the present case assessee was an individual deriving income from speculation in stocks and shares. He had filed his return of income for the year 1977-78 declaring an income of Rs.6,000. The declared version, however, was not accepted by the Income-tax Officer who on 20-2-1986 proceeded to assess the income of petitioner at Rs.500,000 which was subsequently reduced on appeal to Rs.100,000 by the Appellate Assistant Commissioner of Income-tax on 4-5-1984. A sum of Rs.51,72,000 was recovered by the Federal Investigation Agency on the night between 21-9-1976 and 22-9-1976 from one. This amount was confiscated by the order of the Magistrate on 16-7-1977 which was subsequently modified on 30-5-1978 by the Additional Sessions Judge who placed the amount at the disposal of the Provincial Government. These two orders were challenged by the assessee by filing a Constitutional petition before the Sindh High Court claiming that the amount actually belonged to him. This petition was accepted by the Sindh High Court on 27th March, 1984 and the sum of Rs.51,72,000 was ordered to be paid to the assessee. On 27th May, 1984, a notice under section 65 of the Income Tax Ordinance, 1979 seeking to reopen the assessment was issued by the Income-tax Officer to the assessee in respect of this amount. On 18th June, 1984, the Income-tax Officer proceeded to re-assess the income of the assessee by adding Rs.51,72,000 under section 13 (lAA) of the Ordinance. The case was remanded in appeal by the Assistant Appellate Commissioner of Income Tax on Ist January, 1986. In post-remand proceedings, a fresh assessment was made by the Income-tax Officer on 22-2-1986, in terms of his previous order. The appeal filed by the assessee was dismissed by the Commissioner of Income-tax on 13th July, 1986. The…

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