Law: Income Tax Ordinance, 1979

Section: 65&166(1)(c)(ii),

(a) Income Tax Ordinance (XXXI of 1979) ----- S. 65 Re opening of assessment Re assessment made on mere change of pinion was liable to be cancelled. (b) Income Tax Ordinance (XXXI of 1979) ----- Ss. 65 & 166(1)(c)(ii) Provisions of S.166(1)(c)(ii) empowers the Assessing Officer to issue notice under S. 65 in a case where the income had been under-assessed and no proceedings under S.34 of the repealed Act were pending at the commencement of the Ordinance, 1979 No proceedings under S.34 of the repealed Act had been initiated and the notice under S.65 of the Ordinance was issued in January, 1986 Held, on the date of the issuance of the said notice, the Assessing Officer had the power to re open the assessment by issuing notice within 10 years from the end of assessment year in which the total income of the said Income Year was first assessable. (c) Income Tax Ordinance (XXXI of 1979) S.65 Re opening of assessment Held, there was no bar in S.65 in re opening of an assessment on the basis of an information on the basis of which assessment for another year had been re opened. ORDER INAM ELLAHI SHAIKH (Accountant Member). A private limited company deriving income from manufacture and sale of wire rope and conductors has preferred these two further appeals, against two orders of the learned C.I.T.(A) one dated 27 8 1983 in the case of assessment under section 23(3) of the repealed Income Tax Act, 1922 (hereinafter referred to as repealed Act) and the second dated 7 2 1989 in the case of assessment under section 62/132 of the Income Tax Ordinance, 1979 (hereinafter called the Ordinance) for the same assessment year. 2. While making the assessment for assessment year 1977 78 under section 23(3) of the repealed Act the assessing officer accepted the declared trading results with the following observations: "The scrutiny of the details of purchases of raw material and sales of manufactured items would reveal that out of total purchases of Rs.56,217,663 imported raw material amounts to Rs.46,305,904 and hence is verifiable. The purchases from local market are also from known and verifiable parties. Out of total sales effected at Rs.58,140,885 sales to WAPDA amounts to…

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