Law: Income Tax Ordinance, 1979

Section: 13(1)(aa),148,144(c),143B,13

Law: Sales Tax Act, 1990

Section: 13

Law: Customs Act, 1969

Section: 19,18

(a) Income-tax--- ----Appeal---Practice and procedure---Normally it was not advisable to set aside the assessment and Appellate Authority should always endeavour to finalise the issue instead of keeping the same lingering on. (b) Income Tax Ordinance (XXXI of 1979)--- ----S. 13(1)(aa)---Protection of Economic Reforms Act (XII of 1992), Ss.4 & 5---S.R.O. 714(1)/1993, dated 21-8-1993---Unexplained investment--Deemed income---Import of gold by assessee---Immunity---Import of gold does not enjoy protection under protection of Economic Reforms Act, 1992---Assessee had imported gold and paid duties thereon ---Assessee having failed to produce source of investment on import of gold and payment of duties, Assessing Officer had rightly added the relevant amount under S.13(1)(aa) to the total income of assessee as deemed income. ORDER MUHAMMAD MUJIBULLAH SIDDIQUI (CHAIRMAN). ---The above cross appeals at the instance of department and assessee are directed against the order dated 2-9-1997 by the learned CIT(A), Zone VII, Karachi in I.T.A No.209/VII relating to the assessment year 1994-95. The common objection raised on behalf of both the parties is to the setting aside of assessment on the point of addition under section 13(1)(aa). 2. The relevant facts as contained in the assessment order are that the assessee did not file any return of total income for the assessment year 1994-95. The assessing officer received information from custom authorities to the effect that the assessee had imported 77.60 tolas of gold on 1-2-1994 worth Rs.33,17301 on which duties and taxes were paid at Rs.66,346. A notice under section 46 was, therefore, issued and the assessee appeared before the assessing officer after issuance of several notices under section 148. His statement was recorded in presence of his counsel. Summary whereof is given in the assessment order which is reproduced below: --- "(1) That he used to export Jewellery on behalf of M/s. Chottani Jewellers, Saddar, Karachi from 1-7-1992 to April 1994. (2) That from May, 1994 onwards he started his own export business in the name and style of M/s. Nauratan Exports. (3) That he imported the abovementioned gold on behalf of…

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