Law: Income Tax Ordinance, 1979

Section: 12,12(18A),12(18A)

(a) Interpretation of statutes---- ---- Fiscal statute---Where liability of the assessee was created under a law when that was in force during the assessment year under consideration such liability cannot be done away with if later on such law was repealed/omitted from the statute book and was not in existence at the time when the assessment was framed by the Assessing Officer. (b) Interpretation of statutes--- -----Fiscal statute---Rights and liabilities accrued and created under a provision of law cannot be taken away when that law is repealed/ omitted subsequently. (c) Income Tax Ordinance (XXXI of 1979)-----S.12(18A)--C.B.R. Circular No. 14 of 1992, dated 1-7-1992--­C.B.R. Circular No. 10 of 1996, dated 16-7-1996---Deemed income--­Loan---Assessment year 1995-96---Assessee failed to repay loan within five years by 30-6-1994---Such loan was assessed as `deemed income' of the assessee for the assessment year 1995-96 which was confirmed by the First Appellate Authority ---Assessee's contention was that provision of S.12(18A) was not applicable to the assessee's case as such provision of law was not the part of law at the time of framing of assessment same having been deleted by Finance Act, 1996---Validity---Repealed/omitted S.12(18A) of the Income Tax Ordinance, 1979 would be taken to be as available and applicable to the case of assessee which was a case for the assessment year 1995-96 and the assessee failed to repay the said loan within the time as prescribed in the omitted provision of law--­Assessment was to be framed in accordance with the law which was applicable for the said assessment year---No concession was available if the assessment was not framed within the time when the law was in force because proceedings could continue for a longer period and then finalized and till that time there could be many changes in the law---Such position will create a complex situation if the law at the time of framing of assessment was made applicable irrespective of the fact as to what law was in force during the assessment year under consideration---Order of two Authorities below was confirmed by the Appellate Tribunal. 1992 PTD 1367; 2000 PTD (Trib.) 466; 1993…

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