Law: Income Tax Ordinance, 1979

Section: 66A,clause125(B) of Second Schedule,80D,62

(a) Income Tax Ordinance (XXXI of 1979)--- ----Second Sched., C1.125-B & S.66-A---Exemption, grant of---Industrial undertaking had neither been set up nor same had commenced its commercial production---No positive evidence was produced rebutting the finding of IAC to that effect---Condition with regard to the setting up and commencement of commercial production having not been fulfilled by the assessee, exemption under cl.125-B of Second Sched. of the Income Tax Ordinance, 1979 to assessee was granted erroneously which was prejudicial to revenue also--­Erroneous grant of exemption had precluded the disallowance of inadmissible expenses and estimation of proper income---Plea of assessee that position of S.66-A, Income Tax Ordinance, 1979 was not invokable was repelled in circumstances. (b) Income-tax--- ----Exemption---Assessment---Each assessment year has to be considered as an independent year and position of account has to be evaluated on the basis of facts obtaining in that year---If certain concession is granted to an assessee in the form of acceptance of a claim of exemption on fulfilment of the prescribed condition in that year, such concession can be withdrawn if in subsequent years the conditions are not found to be fulfilled---Principles. The very basis of the tax assessment where each year is considered as an independent year and the position of account has to be evaluated on the basis of facts obtaining in that year. Even if certain concession is granted to an assessee in the form of acceptance of a claim of exemption on fulfilment of the prescribed condition in that year, such concession can be withdrawn if in the subsequent years the conditions are not found to be fulfilled. An assessment order refers to a finding of an assessing officer for a particular year about the income statement of an assessee revealed through the account submitted and the facts placed in regard thereof before the Assessing Officer. It is not a certificate issued to an assessee about the character of its events in the coming year. It is also not a licence for conducting the business in any particular manner. Viewed this way the appreciation of facts relating to…

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