Law: Income Tax Ordinance, 1979

Section: 2,14,17,23,27,32,50,62,65,80,86,2(12),23 (1)(vii),23(1)(x),27(1),27(2)(a),32(1),8 0D

I.T. As. Nos.27/KB to 31/KB of 1995-96, 1352/KB, 1353/KB, 1512/KB,1513/K13 of 1994-95, 2439/KB, 2196/KB of 1996-97 487/KB of 1997-98 and 592/KB of 1998-99, decided on 1st October, 1999. Date of hearing: 21st August, 1999. Khaliqur Rehman, C.A. for Appellant (in I.T. As. Nos.27/KB to 29/KB of 1995-96). Fahimul Haque, D.R., Tariq Masood, D.R., Ayaz Elahi, D.R. and Javed Farooqi for Respondent (in I.T.As. Nos.27/KB to 29/KB of 1995-96). Fahimul Haque, D.R., Tariq Masood, D.R., Ayaz Elahi, D. R. and Javed Farooqi for Appellant (in I.T.As. Nos.1352/KB and 13531KB of 1994-95). Khaliqur Rehman, C.A. for Respondent (in I.T.As. Nos. 1352/KB and, 1353/KB of 1994-95). Khaliqur Rehman, C.A. for Appellant (in I.T.As. Nos. 1512/KB, 1513/KB of 1994-95, 30/KB, 31/KB of 1995-96, 2439/KB of 1996-97, 487/KB of 1997-98 and 592/KB of 1998-99).- Fahimul Haque, D.R., Tariq Masood, D.R., . Ayaz,. Elahi, D. R. and Javed Farooqi for Respondent (in I.T.As. Nos.. 1512/KB, 1513/KB of 1994-95, 30/KB, 31/KB of 1995-96, 2439/KB of 1996-97, 487/KB of 1997-98 and 592/KB of 1998-99). Fahimul Haque, D.R., Tariq Masood, D.R., Ayaz Elahi, D.R. and Javed Farooqi for Appellant (in I.T.A. No-2196/KB of 1996-97). Khaliqur Rehman, C.A. for Respondent (in I.T.A. No.2196/KB of 1996-97). 2000 P T D (Trib.) 1299 [Income-tax Appellate Tribunal Pakistan] Before S. M. Sibtain, Accountant Member and Jawaid Masood Tahir Bhatti, Judicial Member I LT. As. Nos.27/KB to 31/KB of 1995-96, 1352/KB, 1353/KB, 1512/KB,1513/K13 of 1994-95, 2439/KB, 2196/KB of 1996-97 487/KB of 1997-98 and 592/KB of 1998-99, decided on 1st October, 1999. (a) Income Tax Ordinance (XXXI of 1979)---S.65, 17, 32(1) & 62---Additional assessment---Definite information--­Income from interest on securities---Method of accounting ---Assessee maintained accounts on Mercantile System and income from interest on securities were recorded in the books of accounts on accrual basis--­Assessment was finalized under S.62 of the Income Tax Ordinance, 1979 and declared actual receipts on the basis of previous history were accepted--­Assessment was re-opened on the ground that income had been under assessed to the extent of difference between the figures…

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