Law: Income Tax Ordinance, 1979

Section: 59,62

(a) Income Tax Ordinance (XXXI of 1979)----Ss. 59 & 62---C.B.R. Circular No.5 of 1984, dated 26-6-1984, paras. 4 & 9---Self-Assessment Scheme 1984-85, paras. 4 & 9---Return filed under Self-Assessment Scheme---Existence of evidence of concealment---Effect---If positive evidence of concealment exists or comes into possession of the department during the pendency of assessment, then irrespective of quantum of income declared, the return shall fall outside the purview of Self-¬Assessment Scheme---Expression "concealment" used in para. 9, Self-¬Assessment Scheme, 1984-85---Connotation---Act of claiming adjustment of returned losses, not available to assessee and conversion of income into losses was an act of camouflage and cover up, amounting to an act of disguising the true facts and make the things obscure by concealment of material fact, in deceitful manner and attempt to avoiding the tax. Legal Thesaurus by William C. Burton, 1980 Edn. ref. (b) Words and phrases--- ----Words "conceal", "concealment"---Meanings elaborated. Legal Thesaurus by William C. Burton, 1980 Edn. ref. ORDER MUHAMMAD MUJIBULLAH SIDDIQI (CHAIRMAN). ---The above appeal at the instance of department is directed against the order dated 23-2-1988 by the learned AAC of Income-tax, Hyderabad Range, Camp at Sukkur in I.T.R. No.327/Sukkur relating to the assessment year 1984-85. 2. The grievance of the department is to the direction of learned AAC for accepting the return under the Self-Assessment Scheme. 3. Heard Mr. Misri Ladhani, learned representative for the department and Mr. Muhammad Saleem, CA learned representative for the respondent. Briefly stated the relevant facts are that the respondent a private limited company deriving income from Cotton Ginning etc. filed return of income under the Self-Assessment Scheme showing loss of Rs.7,71,389. The assessing officer found that the assessee declared income for the year under consideration at Rs.1,43,957 but claimed adjustment of alleged unobserved assessed losses which were in fact not available assessed losses already stood adjusted up to the assessment year 1983-84. The brought forward losses adjusted by the assessee were actually…

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