Law:

Section:

Income Tax Ordinance (XLIX of 2001)--- ----S.122--- Income Tax Ordinance (XXXI of 1979), Ss. 12(18) & 59(A)---Gift---Book---Assessment was finalized under the provisions of S.59(A) of Income Tax Ordinance, 1979--Assessing officer by invoking provisions of S. 122 of Income Tax Ordinance, 2001 amended the assessment and imposed tax on account of gift received by assessee---Appeal filed by assessee was accepted on the ground that the amount shown in books was not in shape of sum claimed or shown as loan and was just a book entry--- Income Tax Appellate Tribunal maintained the decision of Appellate Authority---Validity---When assessee had claimed the amount to be as a transfer entry and had shown it accordingly, no one else including Revenue Department had any discretion to treat it otherwise---Provisions of S.122 of Income Tax Ordinance, 2001 were inapplicable on assessments concluded under Income Tax Ordinance, 1979 (since repealed)--- Income Tax Appellate Tribunal had also taken due care of illegal exercise of jurisdiction under S. 122 of Income Tax Ordinance, 2001 which had also attained finality against the department Reference was dismissed in circumstances. Messrs Micropak (Pvt.) Ltd., Lahore v. Income Tax Appellate Tribunal, Lahore and 2 others 2001 PTD 1180; Colibrative Heavy Industries (Pvt.) Ltd., Lahore v. C.I.T./W.T., Coys Zone-II Lahore 2005 PTD 2525 and Kashmir Edible Oil Ltd: v. Federation of Pakistan and others 2005 PTD 1621 ref. ORDER This PTR on behalf of the Department is on the basis of the following question of law:-- "Whether under the facts and in the circumstances of the case, the leaned ITAT was legally justified in holding that amount of gift received in cash was immune from provisions of section 12 (18) of the Income Tax Ordinance1979?" 2. The brief facts giving rise to the above question are that the original assessment in this case was finalized under the provisions of section 59(A) of the Income Tax Ordinance, 1979 (Repealed). Subsequently, the same was amended on 12-2-2004 by invoking the provisions of section 122 of the Income Tax Ordinance, 2001. The amendment ended in addition of Rs. 35 lacs on account of the gift received by…

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