Law: Income Tax Ordinance, 2001

Section: 133,133(4)

Income Tax Ordinance (XXXI of 1979)---Ss. 13 (1)(a), 61, 62 & 143-B---Income Tax Ordinance (XLIX of 2001), S.133 (4)---Reference to High Court---Material for assessment, non-providing of---Effect---Determination by assessing officer---Scope---Assessing officer was not satisfied with income tax return filed by assessee---Notice under Ss.61 and 62 of Income Tax Ordinance, 1979, was issued to assessee and on his failure to provide required details and information, assessment was finalized by assessing officer---Assessment made by assessing officer was maintained by Commissioner Appeals as well as by Income Tax Appellate Tribunal---Validity---From the conduct of assessee it was clear that it had failed to furnish sufficient material in support of its case---In absence of any material to the contrary, assessment was rightly finalized by assessing officer---Income Tax Appellate Tribunal had recorded its findings of facts on the basis of material on record which did not give rise to any legal controversy---Income Tax Appellate Tribunal had neither ignored any material on record nor had misconstrued any provision of law---Forums below assigned reasons in support of assessment order---High Court did not find any illegality or perversity in orders passed by the forums below---Assessee could not blame others for his own fault and negligence---Reference was dismissed in circumstances. ORDER NADEEM AZHAR SIDDIQI, J.---The applicant has challenged the order, dated 21-3-2005 passed by the Income Tax Appellate Tribunal, Karachi, whereby the appeal filed by the applicant against the order of CIT(A), dated 21-6-2003 was dispose of. The facts necessary for disposal of this appeal are that the applicant is a private limited company engaged in the business of imported films distribution and commission with rental income furnished the return of income or the assessment year 2000-2001 at loss of Rs.346,885. The Assessing Officer has issued notice under sections 61 and 62 of Income Tax Ordinance, 1979, (hereinafter referred as the Ordinance) and on failure of the applicant to provide required details and information finalized the assessment assessing the income to Rs.57,55,075.…

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