Law: Income Tax Ordinance, 1979

Section: 13,65

(a) Income Tax Ordinance (XXXI of 1979)----S. 65---Additional assessment---Definite information---Capital gain---Adventure in the nature of trade---Assessee declared gain on sale of plot---Assessing Officer accepted the declared capital gain after taking into consideration all the aspects of addition while passing assessment order---Addition was made by invoking S.65 of the Income Tax Ordinance, 1979 on the ground that such gain was taxable income as the assessee as allegedly involved in the business of sale/purchase of properties and this was, in the opinion of Assessing Officer, adventure in the nature of trade---First Appellate Authority confirmed the order---Assessee contended that addition invoking S.65 of the Income Tax Ordinance, 1979, after treating it "exempt receipts" in terms of "capital gain" while passing the assessment order, was an afterthought reflecting difference of opinion---Additional assessment under S.65 of the Income Tax Ordinance, 1979 was suffering in law for want of escaped assessment, under-assessment or assessment at a low rate, definite information and discovery of a new fact which could be treated as "definite information"---Validity---Assessee disclosed all material facts without concealment, and assessment had been consciously completed by the Assessing Officer accepting the declared capital gain after taking into consideration all the aspects of addition---Observation of First Appellate Authority that action of the Assessing Officer was not mere change of opinion and assessee had been rightly taxed taking into consideration the disposal of the plot in the preceding years; had no merit as the re-assessment invoking S. 65 of the Income Tax Ordinance, 1979, subsequently for the reason that "in subsequent years, receipts of the same nature had been earned by the assessee, hence the present receipts had rightly been treated as adventure in the nature of trade" was in fact presumptive appreciation of law---Receipts could be treated as adventure in the nature of trade keeping in view the same nature of trade to be carried in the same period or before this but on the basis of subsequent receipts of similar nature, there remain no…

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