Law: Income Tax Ordinance, 1979

Section: 12,66A,12(12)

(a) Income Tax Ordinance (XXXI of 1979)]......S. 66 A Powers of Inspecting Additional Commissioner to revise Deputy Commissioners order Order which was perfectly legal should not be disturbed under the provision of S.66 A of the Income Tax Ordinance, 1979. (b) Income Tax Ordinance (XXXI of 1979) S. 66 A Powers of Inspecting Additional Commissioner to revise Deputy, Commissioners order Provision of S.66 A of the Income Tax Ordinance, 1979 should only be invoked where the error is floating on the surface of the order and does and need any further argument, inquiry or details for establishing the same. (c) Income Tax Ordinance (XXXI of 1979) S. 66 A Powers of Inspecting Additional Commissioner to revise Deputy Commissioners order Complete assessment would have a sanctity and should not be cancelled on the basis of fishy inquiries and unnecessary investigations. (d) Income Tax Ordinance (XXXI of 1979) Ss. 66 A & 12(12) C.B.R. Circular No.14 of 1992 Powers of Inspecting Additional Commissioner to revise Deputy Commissioners order Addition Valuation of shares Break up value Fair market value Inspecting Additional Commissioner cancelled the assessment framed under S.62 of the Income Tax Ordinance, 1979 on the ground that purchase price of the shares was accepted without ascertaining the fair market value which was higher than the cost price worked out on the basis of break up value Whether .difference in cost and actual value attracted the provision of S.12(12) of the Income Tax Ordinance, 1979 -Re valuation was for the purpose of determination of sale value of the shares for a sale transaction No one would sell its belongings at a lesser price than it could fetch in open market No moral or legal restriction existed on a person to sell his belongings at a lesser rate but ordinarily this was not done anywhere in the world except under special circumstances Provision of S.12(12) of the Income Tax Ordinance, 1979 provided of a situation in which if a person had purchased certain assets at less than the fair market value, the Assessing Officer was legally required to reject the same Order of Assessing Officer was erroneous as well as prejudicial to the interest of…

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