Law: Income Tax Ordinance, 1979

Section: FirstSched.,PartIV,para.B(2),156&65,32,6 6A

Law: Economic Reforms Order, 1972

Section: 7B,7D,7-E,3(1)

(a) Income Tax Ordinance (XXXI of 1979)----First Sched., Part IV, para. B(2)---Economic Reforms Order (1 of 1972), Arts. 7-B, 7-D, 7-E & 3(1)---Public limited company---Majority shares of th.9 assessee-company were acquired by the Federal Government under Arts.7-B(1) of Economic Reforms Order, 1972 and thereafter the management and the shares of the assessee-company were transferred to a Corporation in exercise of the powers conferred by Ait.7-E(1) of the Order thus by fiction of law the Federal Government was deemed to have held majority of shares of the asses see-company, notwithstanding the fact that the shares stood transferred to a Corporation by Federal Government---Majority shares of the assessee-company shall be deemed to have been acquired by the Government thus qualifying the condition of the definition of "public limited company" as defined in para.B(2) of Part IV of the First Sched. of Income Tax Ordinance, 1979. (b) Income Tax Ordinance (XXXI of 1979)--- ----Ss.156 & 65---Rectification of mistake---Re-opening of assessment--¬Change of opinion---Effect---Principles---Reasonable balance is to be struck in the concept of finality of assessment and exercise of authority vested in the Assessing Officer in re-opening/rectifying the assessment order---Change of opinion cannot be allowed in the garb of re-assessment/rectification. 1985 PTD (Trib.) 742 ref. (c) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 156 & 66-A---Rectification of mistake---Powers of Inspecting Assistant Commissioner to revise Income Tax Officer's order ---Principles--¬Intricate and complicated question requiring lengthy process of arguments and long drawn reasoning on debatable point of law are not within the ambit of mistake apparent on record---If the Assessing Officer makes any order which is erroneous and prejudicial to the interest of revenue same can be revised by his I.A.C. by virtue of authority vested in him under S.66-A, Income Tax Ordinance, 1979---Where no change had taken place either on the factual or legal plane rejecting the assessment, Assessing Officer was not justified in re-opening/rectifying the assessment on the basis of mere change of opinion. The…

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