Law: Income Tax Ordinance, 1979

Section: 65,156

Income Tax Ordinance (XXXI of 1979)].....Ss. 156 & 65 Rectification of mistake Agreed assessment Past and closed transaction Assessee contended that Appellate Tribunal totally relied on the arguments put forward by the Department without appreciating factual controversy arising in the case as well as the case law furnished during the course of hearing Validity No error was found in the order of Appellate Tribunal Appellate Tribunal clarified that in an "agreed assessment" it was a "past and closed transaction" as assessee had already paid tax in two equal instalments as a consequence to the agreed assessment "Agreed" assessment was arrived at with a clear understanding on the part of both the sides regarding their respective interest which were protected in the agreement Neither party could "wriggle ' out of an agreement for whatever reasons happening subsequent to the agreement Any contrary practice would destroy the concept of "finality" of proceedings in a situation Miscellaneous applications were misconceived and prayer that Customs Tribunal had set aside the proceedings against the assessee which formed the basis of reassessment made under S:65, Income Tax Ordinance, 1979 of the assessment years was not tenable and same were rejected by the Appellate Tribunal. ORDER MAZHAR FAROOQ SHIRAZI (ACCOUNTANT MEMBER). ---These miscellaneous applications have been filed by the assessee for the assessment years 1995 96 to 1997 98 to seek rectification of mistake crept in Tribunal's order, dated 30 6 2003 passed in I.T.As. Nos. 777 to 779/LB of 2003. 2. The learned counsel for the assessee submitted while deciding the appeals of the assessee the learned ITAT has totally relied on the arguments put forward by the learned DR without appreciating factual controversy arisen in the case as well as the case law furnished during the course of hearing. The learned counsel further stated that the Customs Sales Tax Appellate Tribunal in its order has categorically held that adjudicating authority could not prove its allegation for misusing of S.R.O, hence, the proceedings are declared set aside. Meaning thereby that proceedings would stand quashed. In fact the learned DR…

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