Law: Income Tax Ordinance, 1979

Section: 62

Income Tax Ordinance (XXXI of 1979)---S. 62---Assessment on production of accounts, evidence etc.---Conceding of defects in accounts by representative of assessee mentioned through order sheet entry---Assessee contended that requirement of law as per S.62 of the Income Tax Ordinance, 1979 was not fulfilled by merely stating that defects in accounts were conceded by the Authorized Representative of the assessee as per order sheet entry---Obligatory for the Assessing Officer to point out specific defects in account and confront the assessee with the same and to obtain his explanation for proper consideration which was not done so---Effect---Submissions of the assessee were borne out from record---Assessing Officer failed to point out any specific defect in accounts---Requirement of S.62 of the Income Tax Ordinance, 1979 having not been fulfilled, Appellate Tribunal directed to accept the declared trading result of the assessee in circumstances. ORDER Order made vide I.T.A. No.938/LB of 2005, dated 21-5-2005 was recalled through M.A. No. 385/LB of 2005, dated 16-9-2005 for the reason that the additional ground of appeal had been inadvertently escaped adjudication. The additional ground of appeal is as follows: "That since in the notice under section 62, dated 14-5-2002 issued after the production and examination of books of accounts, the officer has neither pointed out the defects in the books nor gave his mind to reject the trading account and to make add-back, the rejection of trading account making of add-backs are illegal, unjustified and the additions liable to be deleted." Cross-appeal by the Revenue which stood disposed off earlier vide I.T.As. Nos. 856 and 938/LB of 2003, dated 21-5-2005 was also recalled and the assessee and the Revenue appeals were heard. The learned AR has vehemently submitted that the Assessing Officer failed to point out any specific defects in the books of accounts and confront the same to the assessee as per requirement of law under section 62 of the Income Tax Ordinance. In this regard he referred to observations of the Assessing Officer regarding sales and GP at page 5 of assessment order as follows:-- "In the notice under section…

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