Law: Income Tax Ordinance, 1979

Section: 62,62(1)

(a) Income Tax Ordinance (XXXI of 1979)----S.62(1)---Assessment on production of accounts, evidence etc.---Rejection of trading account---Assessee contended that not only the expenses debited to trading account but also the sales declared were subjected to verification---Besides higher gross profit rate had been conceded viz. generally applied in this line of business---No valid reason existed with the department to discard the declared trading version---Validity---Assessing Officer had kept in darkness while disbelieving the assessee's declared version---Nothing substantial whatsoever had been adduced to justify rejection of declared trading version---Although assessee had a history of rejection of its declared trading version nevertheless the fact remained that each year was a separate assessable entity that was why the "doctrine of res judicata" did not attract to the assessment proceedings---Assessment made for one assessment year had no binding effect on the assessment to be made in respect of subsequent assessment year unless it was proved that no substantial variance in the facts and circumstances existed in both the assessment years. 1994 PTD 174; 1991 PTD 678 and 1991 PTD 730 rel. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.62(1)---Assessment on production of accounts, evidence etc.---Rejection of trading account---Assessee contended that since the debit side as well as the credit side of the trading account were open to verification besides the entire sales were subjected to sales tax and there was no valid reason with the department to disbelieve the declared trading results---Such contention had been brushed aside by the Assessing Officer without referring to any infirmity despite the fact that books of accounts were examined by him---Validity---Complete list of parties to whom the sales were effected had been placed on record and entire sales were made to limited companies whose complete identifying particulars had also been mentioned in front of their names---Parties were also registered with the Sales Tax Department and their sales tax numbers had been recorded therein---Even Assessing Officer had not quantified proportion of unverifiable…

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