Law: Income Tax Ordinance, 1979

Section: 80,80D,65,66A&SecondSched

(a) Income Tax Ordinance (XXXI of 1979)---Ss. 80D, 65, 66A & Second Sched. Cl. (126D)---Protection of Economic Reforms Act (XII of 1992), S.6---Minimum tax on income of certain persons---Profit and gains of the assessee were exempt from the levy of income tax under Cl. (126D) of the Second Schedule to the Income Tax Ordinance, 1979---Minimum tax under S.80D of the Income Tax Ordinance, 1979 was charged which was upheld by the First Appellate Authority on the ground that the Appellate Tribunal had categorically held that exemption from payment of tax under S.80D of the Income Tax Ordinance, 1979 was not available to the units whose profits and gains were exempt from tax udder Cl. (126D) of the Second Schedule of the Income Tax Ordinance, 1979---Assessee contended that in the presence of earlier order for the assessment year 1997-98, wherein tax under S.80D of the Income Tax Ordinance, 1979 was not charged on the basis that Cl. (126D) of the Second Schedule of the Income Tax Ordinance, 1979 was covered under the provisions of "otherwise notified" used in S.6 of the Protection of Economic Reforms Act, 1992 which still held the field and had attained finality, the orders were without jurisdiction and void ab initio---Validity ---Legality and the propriety of the decision was open to revisional proceedings under S.66A of the Income Tax Ordinance, 1979 apart from action under S.65 of the Income Tax Ordinance, 1979 on account of definite information but none of the recourse was taken either before passing the orders or even afterwards and as such the decision attained finality and was binding on the Department---Impugned orders had decided the same legal issue against the assessee taking a contrary view of the earlier decision---Vested right had been created in favour of the assessee with the order of the Assessing Officer for the assessment year 1997-98 which could not be taken away in the subsequent year---Re-adjudication of the same issue by the successor Assessing Officer was against the principles of administration of justice and fairplay---Principle that each year involves independent assessment was not applicable in the given facts and circumstances as the…

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 492