Law: Income Tax Ordinance, 1979

Section: 136,62,66A

[Income Tax Ordinance (XXXI of 1979)].....Section 136...Questions of law not taken by appellant as grounds of appeal, argued or discussed by Appellate Tribunal... Reference to High Court containing such questions...Maintainability 2007 PTD 1757, 2008 PTD 1087, 1970 SCMR 128, 1970 SCMR 872, 2004 PTD 2479 and 2003 PTD 2020 ref. 1982 SCMR 489, 2006 SCMR 526 and 2007 SCMR 977 fol. (b) Income Tax Ordinance (XXXI of 1979)-----S.80-C & Second Sched. Part-IV, Cl.9 [as amended by Finance Act (IX of 1996)]...Words "opts out of" as used in Second Sched. Part-IV, Cl. (9) of Income Tax Ordinance, 1979 replaced with words "opts for" by Finance Act, 1996... Effect stated. (c) Interpretation of statutes Procedural law, amendment in...Effect stated. (d) Income Tax Ordinance (XXXI of 1979)----Ss. 62 & 66-A...Re-opening of assessment order passed under S.62 of Income Tax Ordinance, 1979...Powers of Inspecting Additional Commissioner (IAC)...Scope. ORDER YAHYA AFRIDI, J.---By this single judgment, we shall decide the two appeals (SAO No.17/2000 and SAO No.18/2000) both preferred by M/s. AGE Industries (Pvt.) Limited under section 136 of the Income Tax Ordinance 1979 assailing the consolidated judgment of Income Tax Appellate tribunal dated 30-11-1999, as common questions of law and facts are involved in both the appeals. 2. The appellant has raised the following questions of law for decision of this court. By this single judgment, we shall decide the two appeals (S.A.O. No.17/2000 and S.A.O. No.18/2000), both preferred by M/s. A.G.E. Industries (Pvt.) Limited assailing the consolidated judgment of Income Tax Appellate Tribunal dated 30-11-1999, as common questions of law and facts are involved in both the appeals. 3. The appellant has through the instant appeals filed under section 136 of the Income Tax Ordinance, 1979 ("Ordinance") sought the opinion of this court on the following questions of law:- (I) Whether under the circumstances of the case where the appellant, a corporate body who maintained proper audited account under the Companies Ordinance, 1984 and who derive income both from manufacture and sales of wires and cables in the open…