Law: Income Tax Ordinance, 1979

Section: 22

Law: Income Tax Ordinance, 2001

Section: 221,23(5)

(a) Income Tax Ordinance (XXXI of 1979)---S.22---Income from business or profession---Sale of export quota---Amount realized on sale of export quota was not offered to tax by the assessee with the contention that it was covered under presumptive tax regime being part of export sale proceeds like export rebate etc.---Assessing Officer assessed the same under normal tax regime as business income under the provisions of S. 22 of the Income Tax Ordinance, 1979 stating that it was recurring in nature and permission to export had been sold out within the country did not amount to export sales proceeds---Validity---Nothing had physically been exported by the assessee nor any amount had been realized in terms of foreign exchange by the assessee on export of it---Assessing Officer had charged it to tax as income from normal business activity under S. 22 of the Income Tax Ordinance, 1979 and with this background of the matter, certain questions arose which remained unanswered at assessment stage such as (i) exports were effected in whose name whether the assessee of the purchaser of export quota; that export sales proceeds had come into whose possession and what channel of its receipt was adopted and that various rebates on exports allowed by the Government were how actually received by whom and the mode of its receipts from such Government departments---Only on finding out the answers to such questions by the Assessing Officer that exactly the taxability of its could be determined in the hands of assessee---Matter was remitted back to Assessing Officer by the Appellate Tribunal to proceed by bringing on record the answers to such questions and also directed to pass speaking order after allowing proper opportunity of being heard to assessee. (b) Income Tax--- ----Deferred cost---Merger---Prior to merger amortization of deferred cost was allowed in the hands of assessee---Assessing Officer despite acknowledging the allowing of such amount in the hands of taken over company/assessee had still not allowed simply for the reason that addition was warranted---Arbitrarily departure from the history was against the principle of consistency as the right once granted could not be…

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