Law: Income Tax Ordinance, 2001

Section: 122(1)(5),120A(i)

(a) Income Tax Ordinance (XLIX of 2001)---Ss. 122(1)(5) & 120-A(i)---Investment Tax Scheme, 2008 [C.B.R. Circular No.3 of 2008 dated 1-7-2008]---C.B.R. Circular No.7 of 2008, dated 19-7-2008---C.B.R. Circular No.8 of 2008, dated 5-9-2008----Investment Tax Scheme, 2008---Scope---Assessee had filed its income tax returns, which being complete, were treated and taken by the department to be an assessment of taxable income for the relevant tax years --Department, in exercise of powers under S.122(1) read with S.122(5) of the Income Tax Ordinance, 2001, initiated proceedings to amend the assessments--Assessment for one year stood amended by virtue of an order which was challenged before Commissioner of Income Tax (Appeals) while in rest of the years amendment proceedings were initiated and statutory notices were issued---Pending the said proceedings S.120-A was inserted in the Income Tax Ordinance, 2001 through Finance Act, 2008 whereby the Federal Board of Revenue was empowered to make a scheme for payment of investment lax in respect of undisclosed income, representing any amount or investment made in movable or immovable assets---Federal Board of Revenue subsequently, issued Investment Tax Scheme, 2008 through Circular No.3 of 2008, dated 1-7-2008 in pursuance of which assessee filed a declaration in respect of its yearwise computed undisclosed, untaxed and unexplained income on 15-7-2008 in accordance with the terms and conditions of the Scheme and paid all the taxes due thereon--After filing of declaration by the assessee, Federal Board of Revenue issued a clarificatory Circular No.7 of 2008 on 19-7-2008 explaining that the Scheme was applicable to all undisclosed assets/income which could not he disclosed and remained unexplained and that issues pending in appeals or raised/detected by the department would be dealt with under normal law and not under the Scheme and that scope of the Scheme was limited to the proceedings covered by the Income Tax Ordinance, 2001 and the declaration made and tax paid under the Scheme, shall not absolve the declarant from any action under the provisions of other applicable law---Declaration filed by the assessee was…

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