Law: Income Tax Ordinance, 1979

Section: 13(1),56,61,63,155,129(4)

Law: Income Tax Ordinance, 2001

Section: 111(1)(b)239(1)(2),209,210

(a) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 13(1), 56, 61, 63,-C B.R. Circular No. 7 of 1997 dated 21-7-1997, Para-5---Income Tax Rules, 1982, Part-IIA---Addition---Amnesty---Contention of the assessee that no addition could be made in respect of investment made in property declared under the Amnesty Scheme, 1997 under provision of relevant law was not tenable---In the Amnesty Scheme, 1997 as laid down in para.5 of Circular No.7 of 1997 dated 21-7-1997 it had been provided that valuation of undisclosed asset shall be made in accordance with the rule contained in the Part-IIA of the Income Tax Rules, 1982---Value of property was admittedly not in accordance with the prescribed rates as provided in Part-IIA of the Income Tax Rules, 1982---Appeal was dismissed. (b) Income Tax Ordinance (XLIX of 2001)--- ----Ss.111 (1)(b) & 239(1)(2)---Income Tax Ordinance (XXXI of 1979), S. 13(1), 56, 61, 63, 155, 129(4)---C.B.R. Circular No.7 of 1997 dated 21-7-1997, Para-4---Income Tax Rules, 1982, Part-IIA-Unexplained income or assets---Amnesty Scheme, 1997---Addition---Assessee contended that addition under the provision of S.111(1) of the Income Tax Ordinance, 2001 could not be made when the assessment proceedings were initiated under the provisions of S.56 of the Income Tax Ordinance, 1979 and assessment was completed under S.63 of the Income Tax Ordinance, 1979---Validity---Determination of income and tax paid thereon in respect of an income year ending on or before the 30th June, 2002 was to be made under the provisions of Income Tax Ordinance, 1979 which meant that income chargeable to tax in such a case was to be determined under the relevant provisions of Income Tax Ordinance, 1979 and could not be charged to tax under the provisions of Income Tax Ordinance, 2001---In case of assessment of income in respect of an income year pertaining to period prior to promulgation of Income Tax Ordinance, 2001 the deemed income could only be charged to tax under the relevant provision i.e. S.13 of the Income Tax Ordinance, 1979---Difference in corresponding provisions of the two statutes under consideration i.e. S.13(1) of the Income Tax Ordinance, 1979 and 111(1) of the…