Law: Income Tax Ordinance, 1979

Section: 34,35,36,36(2),37,38(1),38(5),38(7),38(6 ),35,23(1)(v),59,59A,62,63,65,66A,69(1)( B)(ii)

(a) Income Tax Ordinance (XXXI of 1979)---Ss. 38(6) & 35---Limitation as to set off any carry forward of losses in the case of, firms, partners, etc. ---Unabsorbed depreciation would be available for set off against any income of the assessee in subsequent year under S.38(6) read with S.35 of the Income Tax Ordinance, 1979. (b) Income Tax Ordinance (XXX1 of 1979)--- ----Ss. 66-A, 38(6), 35 & 23(1)(v)---Powers of Inspecting Additional Commissioner to revise Deputy Commissioner's order---Rental income---Unabsorbed depreciation---Brought forward losses---Set off---Cancellation of assessment on the ground that Assessing Officer had erroneously set-off the income chargeable under head `other income' and house property against the brought forward losses ---Assessee contended that Assessing Officer had not set off the property income or the alleged income from other sources against the brought forward losses but that the set-off had been correctly made against the unabsorbed depreciation and produced a working of unabsorbed depreciation, brought forward from the subsequent years---Validity---Losses of the current year were to be set off against other income of the assessee before unabsorbed depreciation of earlier year which' would protect the unabsorbed depreciation from becoming part of losses under S.35 of the Income Tax Ordinance, 1979 which would lapse after a period of six years---Set-off of rental income against depreciation' of the earlier year was allowed---Order of the Inspecting Additional Commissioner passed under S.66-A of the Income Tax Ordinance, 1979 was annulled and appeal of the assessee was accepted by the Appellate Tribunal. 1996 PTD (Trib.) 292 and (1964) 51 ITR 693 rel. ORDER INAM ELLAHI (CHAIRMAN).----By this -consolidated order, we proceed to decide two appeals of public sector corporation deriving income from shipping business. These two appeals are directed against two separate orders of the Inspecting Additional Commissioner of Income Tax, Range-II, Cos. IV, Karachi, both, dated 28-3-2002, recorded under section 66-A of the Income Tax Ordinance, 1979 (hereinafter called 1979 Ordinance) whereby the original assessments made under…

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