Law: Income Tax Ordinance, 2001

Section: 122,122(5A)

Law: Income Tax Ordinance, 1979

Section: 62,66,66A,52,24,24(ff),50,50(4),19,20,20 (a),22,24,24(1),66BB

(a) Income Tax Ordinance (XLIX of 2001)---S.122(5A)---Income Tax Ordinance, (XXXI of 1979), Ss.62 & 66A---Amendment of assessments---Assessment year 1996-97---Assessment was finalized under S.62 of the Income Tax Ordinance, 1979 on 30-6-1999---Assessment amended under S.122(5A) of the Income Tax Ordinance, 2001 as on 28-6-2004 was annulled by the First Appellate Authority---Validity---Section 122(5A) of the Income Tax Ordinance, 2001 was not applicable in respect of assessment finalized prior to 1-7-2003---First Appellate Authority had rightly annulled the assessment as admittedly case had been reopened already finalized before 30-6-1999---Appeal was dismissed by the Appellate Tribunal on this issue. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.62---Assessment on production of accounts, evidence etc.---Food and beverage cost---Curtailment of food and beverage cost to 35% of Revenue by relying on case-law---Validity---Account could not be rejected by merely relying on parallel cases without pointing out any defect in method of accounting employed by the assessee or merely by stating that some of the purchases were not fully verifiable. I.T.A. No.1379/KB of 1998-99; I.T.A No.1512/KB and I.T.A. No.89/KB of 2002 ref. 1994 PTD 517; 2004 PTD 2231; 1986 PTD 84; 1962 PTD (Trib.) 23 and 1990 PTD (Trib.) 731 rel. (c) Income Tax Ordinance (XXXI of 1979)--- ----Ss.62, 52 & 24ff---Assessment on production of accounts, evidence etc.---Unverifiability of purchases---Validity---Payments to parties had been made through cross cheques and due tax had been deducted according to law---Taxation Officer had neither treated the assessee as assessee in default under S.52 of the Income Tax Ordinance, 1979 nor had he pointed out any breach of provisions of S.24ff of the Income Tax Ordinance, 1979 nor had he rebutted argument of assessee in the body of assessment order---Not a single instance of purchase had been pointed out where deduction of tax under S.50(4) of the Income Tax Ordinance, 1979 had not been made---Entire exercise was merely a desk exercise and was without any basis or evidence---No defects in method of accounting had been pointed out---Observation of Taxation…

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