Law: Income Tax Ordinance, 2001

Section: 39,122,221,SecondSched.,Cl.132

(a) Income Tax Ordinance (XLIX of 2001)----Ss. 221, 122 & 39---Second Sched., Part-I, Cl. 132---Rectification of mistake---Assessee, a power generation project---Income from other sources---Exemption---Power generation project---Interest income---Taxation Officer found that income assessable under S.39 of the Income Tax Ordinance, 2001 could not be considered as attributable to the running of the project---Tax was charged on the aggregate income confronted through notice under S.221 of the Income Tax Ordinance, 2001---First Appellate Authority concluded that the matter being controversial and debatable did not fall within the scope of rectification provisions and should have been tackled by recourse to the provisions of S.122 of the Income Tax Ordinance, 2001---Order of the Taxation Officer was vacated by First Appellate Authority by holding that there was no mistake apparent on the face of record which could be rectified under S.221 of the Income Tax Ordinance, 2001---Validity---Interest income of a power generation project had been adjudicated by the hierarchy of the courts up to the level of Supreme Court of Pakistan---Ruling of apex court which held the field laid down the import of law vis-a-vis the taxability or otherwise of such income and if the disclosure made by the assessee in its returns of income or the treatment meted out by the Taxation Officer was in conflict with the ruling of the Supreme Court of Pakistan, the disclosure made by the assessee or the treatment accorded by the Taxation Officer would be considered to be mistake apparent on the record to the extent of repugnancy, which could be rectified under S.221 of the Income Tax Ordinance, 2001---Order of First Appellate Authority, transpired that she had not dilated upon the contentious issues in the light of ratio of s of competent courts---Order of the First Appellate Authority was vacated by the Appellate Tribunal and case was remanded for adjudication on contentious issues in the light of available s. CIT v. National Food Laboratories 1992 SCMR 687 = 1992 PTD 570; 2004 PTD (Trib.) 452; 1998 SCMR 908; 1999 PTD 2899; CIT v. Shadman Mills Ltd. 2008 SCMR 204 = 2008 PTD 253; Generation…

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