Law: Income Tax Ordinance, 1979

Section: 13,65,65(1),65(2)

Law: Stamp Act, of 1899

Section: 27B

Law: Income Tax Rules, 1982

Section: 207A

(a) Income Tax Ordinance (XXXI of 1979)----S.65---Additional assessment---Scope---Proceedings under S.65(1), Income Tax Ordinance, 1979 can be initiated only in case where definite information has come into the possession of the Assessing Officer and that too after obtaining the approval of Additional Commissioner of Income Tax in writing. (b) Income Tax Ordinance (XXXI of 1979)---Ss.65 & 13---Income Tax Rules, 1982, R.207-A---S.R.O. 550(I)/97 dated 20-7-1997---Stamp Act (II of 1899 ), S.27-B---Additional assessment---Definite information---Reopening of assessment on the ground that market price of the property in the vicinity was more than the price shown by the assessee in his statement---Validity---Merely because in the same locality some other property with construction had been sold at a price higher than the price shown by the assessee, could not be made basis for reopening the assessment---Once, while passing the assessment order value declared had been accepted in terms of R.207-A, Income Tax Rules, 1982, normally same could not be reopened except when the facts and circumstances of that particular case warranted and justified reopening of the assessment---Principles. The phrase "definite information" in possession of Assessing Officer so as to reopen the assessment, used in section 65(2) of the Ordinance is in fact penal in nature and required that officer concerned must have in his possession some information in respect of the particular matter which he wanted to reconsider. In the present case the Income Tax Officer wanted to reopen the assessment on the ground that market price of the property in the vicinity was more than the price shown by the assessee in his statement. It is not alleged in the show-cause notice that the Income Tax Officer was holding sale agreement executed between the assessee and the seller of the property wherein the price of the property in question has been shown much more than the price declared in the sale-deed, nor it is alleged in the show-cause notice that the seller in his statement had declared the value of the property in question more than the value of the property shown by the assessee. It is a matter of common…

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