Law: Income Tax Ordinance, 1979

Section: 66A,59C(a)(b)

(a) Income Tax Ordinance (XXXI of 1979)-----S.66-A---C.B.R. Circular C. No.7(32)-DT-14/1992, dated 24-7-1994--Direction by Inspecting Additional Commissioner to revise assessment order ---Assessee was a private limited company dealing in yarn on commission basis ---Assessees case finalized under normal law---Assessment was cancelled by the Inspecting Additional Commissioner to be assessed in terms of the agreement between the C.B.R. and the Yarn Merchants Association at a rate of 12% on gross receipts---Validity---Agreement between the Chairman, C.B.R. and the Chairman, Pakistan Yarn Merchants Association could not result into ousting any of the provisions of the Income Tax Ordinance, 1979 or the rates notified for levy of income-tax in the First Sched. of the Ordinance. 1990 PTD 903 and 1990 PTD 383 ref. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.59-C(a)(b)---Fixed tax---Agreement reached between Chairman, C.B.R. and Chairman of Traders Association for payment of fixed tax would not bind the members of the Association as well as non-members, although they were fully represented, if they wished to be assessed under normal law. ORDER NASIM SIKANDAR (JUDICIAL MEMBER).---This appeal arise out of order recorded by I.A.C. Companies Range Gujranwala whereby the assessment framed on 24-4-1995 at an income of Rs.1,59,603 in respect of a private limited company dealing in yarn on commission basis was cancelled. The assessing office was directed to frame fresh assessment "considering the provisions of Circular C. No.7(32)-DT-14/1992, dated 24-7-1994. 2. The assessee company returned net income for the year 1994-95 at Rs.6,803,39. Gross commission receipts disclosed at Rs.26,32,243 were accepted on account of their being verifiable. However, a number of profit and loss account additions were made to compute total income for the year at Rs. 1, 59,603 by way of assessment order dated 24-4-1995. 3. On 27-5-1995 the aforesaid revising authority issued a notice expressing its intention to revise the aforesaid assessment on the ground that the same should have been completed in terms of the agreement between the C.B.R. and the Yarn Merchants Association as circulated vide…

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