Law: Income Tax Ordinance, 1979

Section: 62,156

(a) Income Tax Ordinance (XXXI of 1979)--S.156---Rectification of mistake---Limitation starts from original order---Finding of the First Appellate Authority that "limitation for rectification starts from the date of original order and order under S.156 of the Income Tax Ordinance, 1979 passed after the lapse of four years was without lawful jurisdiction" was confirmed by the Appellate Tribunal holding that First Appellate Authority had rightly cancelled the order under S.156 of the Income Tax Ordinance, 1979 as the limitation had already expired. (1998) PTCLR 54 and 2002 PTD 2407 rel. (b) Income Tax Ordinance (XXXI of 1979)--- -----S.62---Assessment on production of accounts, evidence etc.--- Assessee was a limited company quoted on Stock Exchange--Books of accounts were being maintained and were furnished before the Assessing Officer who had examined the same and by using stock phrases had rejected the declared version---Validity---Appellate Tribunal, after considering facts, circumstances and specifically previous history of the case, held that there was no justification for rejection of the accounts---Order of First Appellate Authority was vacated and the declared trading results were directed to be accepted. 1994 PTD (Trib.) 858; 2002 PTD 407; 2005 PTD 2417; 2002 PTD (Trib.) 1583; 2003 PTD (Trib.) 2668; 2001 PTD (Trib.) 2938; (Vol.8 No.5 Tax Form 62 (Trib.); 1999 PTD (Trib.) 3892; 2001 PTD 2612; 2001 PTD (Trib.) 2941; 1994 PTD 516; 1962 PTD (Trib.) 123; 1974 PTD 45; 1984 PTD 276 and (1985) 52 Tax 115 ref. (c) Income-tax--- ---Rejection of declared version---Once on behalf of the assessee the explanation regarding the decline in the sales or the gross profit rate had been explained there was no justification for rejection of the declared version. (d) Income-tax--- ---History of the case---History of the assessee should not be ignored without bringing on record the distinguishing factor from the previous assessment year if the fashion of maintaining the accounts had remained the same. (e) Income-tax--- ---Accounts setting aside of---Matter should not be set aside where the history was of acceptance of accounts and the assessment had been made on the personal…

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