Law: Income Tax Ordinance, 1979

Section: 12,12(18),66A

(a) Income Tax Ordinance (XXXI of 1979)--- ----S. 12(18)---Deemed income---If an assessee was able to prove that the amount paid by him was through cross cheque the other requirements i.e. to intimate the National Tax Number were not to be invoked---Language of relevant law is disjunctive and not conjunctive. (b) Income Tax Ordinance (XXXI of 1979)---Ss. 66-A & 12(18)---Powers of Inspecting Additional Commissioner to revise Deputy Commissioner's order---Deemed income---Share deposit money was received through cross cheque---Inspecting Additional Commissioner cancelled the order of Assessing Officer on the ground that the requirement of its receipts from a National Tax Number holder was not fulfilled---Validity---Effect of the use of word 'or' between the words "otherwise than by a cross cheque drawn on a Bank" and "through a banking channel from a person holding a National Tax Number" was that it should be either through cross cheque or through other normal banking channels, provided the money-lender was the National Tax Number holder, which means that the payment through cross cheque was not required if it was from a National Tax Number holder---Amount in the present case having been paid through cross cheque there was no reason for cancellation of the order by holding that National Tax Numbers of the payers were not available---Appellate Tribunal cancelled the order of I.A.C. and restored that of the Assessing Officer. 2000 PTD 118 rel. ORDER KHAWAJA FAROOQ SAEED (JUDICIAL MEMBER).---The assessee has filed this appeal. The petitioner says that cancellation of order under section 66A is not justified. He brought our attention to the relevant para. of the order and said that the observation is a misconception. He remarked that the assessee had advanced some amount as share deposit money on which the provisions of section 12(18) are not applicable. In this regard his reliance is on the latest reported judgment 2000 PTD 118. He argued that this amount in fact, was not an advance but a full deposit for purchase of shares besides it was through cross cheque. The requirement of its receipt from a National Tax Number holder was not in any case applicable on the…

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