Law:

Section:

(a) Income Tax Ordinance (XLIX of 2001)--- ----S. 122(5A) [as inserted by Finance Act (I of 2003)]---S.R.O.633(I)/2002 dated 14-9-2002---Notices issued by Income Tax Office in respect of assessments finalized earlier on the basis of provisions of law added by S.R.O. 633(I)/2002 dated 14-9-2002 were void and illegal, same having no sanctity of law being on the basis of a legislation, which was against the law itself and were liable to cancellation. Kashmir Edible Oils Limited and other's case 2006 SCMR 109 fol. Constitution Petition No.7788 of 2004 ref. (b) Income Tax Ordinance (XLIX of 2001)--- ----S. 122(5A) [as inserted by Finance Act (I of 2003)]---Provision of S.122(5A), Income Tax Ordinance, 2001 has not specifically been made retrospective. (c) Income Tax Ordinance (XLIX of 2001)--- ----S. 122(5A)---Provision of S.122(5A) inserted with effect from 1-7-2003 is not applicable to the assessments finalized before 1-7-2003 because subsection (5A) of S.122 has not been given retrospective effect and therefore, the assessments finalized before 1-7-2003 cannot be reopened/revised/amended in exercise of jurisdiction under S.122(5) of the Income Tax Ordinance, 2001. (d) Income Tax Ordinance (XLIX of 2001)--- ----S. 122(5)---Income Tax Ordinance (XXXI of 1979), S.65---Amendment of assessment---All the pending matters at the commencement of Income Tax Ordinance, 2001 are required to be decided in accordance with the provision contained in Income Tax Ordinance, 1979 (repealed), but by an Income Tax Authority competent under the Income Tax Ordinance, 2001---Principles. Commissioner, Sindh Employees Social Security Institution and another v. Ms. E.M. Oil Mills and Industries Limited 2002 SCMR 39; Kashmir Edible Oil Limited's case 2005 PTD 1621; Monnoo Industries Ltd. v. Commissioner Income Tax 2001 84 Tax 26; Fauji Oil Terminal v. CIT 2006 PTD 734 and 2004 PTD 1173 ref. (e) Words and phrases--- ----Pending---Connotation---Pending includes all such issues in which lis has been started. Messrs Bahria Oil Mills, Vehari v. Commissioner of Income Tax, Zone, Multan 2006 PTD 2421 ref. (f) Income Tax Ordinance. (XLIX of 2001)--- ----S.122(5) [as substituted by Finance Act (I of…

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