Law: Income Tax Ordinance, 1979

Section: 156,34,37,2(12),(24),(44),14,16,17,19,22 ,23,27,28,30,49,FirstSched.

Income-tax Ordinance (XXXI of 1979)----Ss. 156, 34, 37, 2(12), (24), (44), 14, 16, 17, 19, 22, 23, 27, 28, 30, 49, First Sched. Part IV, Para. A, Cl.(4) & Second Sched., Part I, Cl. (116)---Rectification of mistake---Set-off of loss---Loss from dealing in stocks and shares---Loss from dealing in stocks and shares was computable under the head "capital gain" as it was not liable to be set-.off against income under any other heads as provided in S.34 of the Income Tax Ordinance, 1979 and was liable to be carried forward in the light of provisions of S.37 of the Income Tax Ordinance, 1979---Assessee moved for rectification for the same on the ground that notwithstanding the provisions of S.34 of the Income Tax Ordinance, 1979, the loss under the head capital gains will have to be included in the total income if it had arisen by disposal of assets within 12 months in view of cl. (4) of para. A of Part IV of the First Sched. to Income Tax Ordinance, 1979---­Validity--When the capital loss was not allowed to beset-off against income under other heads, then the total income computed in accordance with law, would not contain any portion as the said income pertained to capital gain and there would, practically be no applicability of cl. (4) of para. A of Part IV of the First Sched. to the Income-tax Ordinance, 1979---No mistake apparent from record existed so far as the orders of the Tribunal were concerned--­Applications for rectifications were disposed of accordingly by the Tribunal. 2002 PTD (Trib.) 283 maintained. ORDER MUHAMMAD AKHTAR NAZAR MIAN (ACCOUNTANT MEMBERS).---The appeals filed by the appellant for the assessment years 1997-98, 1998-99 and 1999-2000 against the order of the IAC passed on 31-5-2001 under section 66-A of the Income-tax Ordinance, 1979 (hereinafter referred to as "the Ordinance") were decided by this Tribunal on 21-8-2001 cited as 2002 PTD (Trib.) 283. After discussing the relevant legal provisions and the case-law this Tribunal had in principle maintained the decision of the IAC who had held that, income in respect of business of dealing in stocks and shares--- (i) is not to be computed under the head income from business, or profession…

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