Law: Income Tax Ordinance, 1979

Section: 66A,13(1)(d),55,58,58(1),59A,59(3)

Law: Stamp Act, of 1899

Section: 32

(a) Income Tax Ordinance (XXXI of 1979)---Ss.66-A, 13(1)(d) & 59-A---Stamp Act (II of 1899), S.32---Powers of Inspecting Additional Commissioner to revise Deputy Commissioner's order--Return was accepted under S.59-A of the Income Tax Ordinance, 1979 after verification that the stamps of the value fixed on the registered sale-deed of property acquired was properly registered by the District Registrar-Inspecting Additional Commissioner cancelled such order on the ground that Assessing Officer had accepted the declared value of property notwithstanding that it was ridiculously low when compared with the valuation which was required to be made on the basis of Collector's rates and directed for taking appropriate measures towards retrieving loss of Revenue through de novo proceedings ---Validity---Order passed by the Assessing Officer under S.59-A of the Income Tax Ordinance, 1979 was patently erroneous and prejudicial to the interest of Revenue on the basis of examination of whatever was available on record---Letter issued by the Assessing Officer showed the intention for proceeding under normal law and copy of conveyance deed whereunder the declared value of the property appeared ridiculously low from the valuation if made at the collector's rate---Order of the Inspecting Additional Commissioner was fair to get the opinion or to consider that the prejudice had been caused to Revenue and Inspecting Additional Commissioner was right to consider that the order was erroneous as well as prejudicial to the interest of Revenue---Order by the Inspecting Additional Commissioner under S.66-A of the Income Tax Ordinance, 1979 was maintained by the Appellate Tribunal. (b) Income Tax Ordinance (XXXI of 1979)--- ----S. 59-A---Assessment on the basis of return---Assessment after production of evidence regarding value of property ---Validity---Section 59-A of the Income Tax Ordinance, 1979 specifically requires that the return can be accepted by the Assessing Officer under this provision of law, when the Assessing Officer was satisfied without requiring the production of evidence that a return furnished under S.55 of the Income Tax Ordinance, 1979 was correct and…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 510