I.T.A. NO.2979/LB OF 1995 versus I.T.A. NO.2979/LB OF 1995
Income Tax Ordinance 1979 Section 65 Additional Assessment Permanent Information Change of opinion Assessment filed returns under the Self Assessment Scheme The Assessing Officer initiated regular proceedings after which the return was accepted under the Self Assessment Scheme under appeal during the year. The high cost was applied for the reopening of the shop shop ITO's re-evaluation. Based on the revenue officer's decision, as well as the reduction in revenue, it was decided by the CIT (A) on the basis of the SC's position. Rejected that the original assessment was made without checking the assets and liabilities while recording It turns out that this review was made after several hearings in which the statement of wealth was also obtained that information about the purchase of the shop was available at the time of the original valuation, resulting in the purchase price. Reduction was declared opinion Changing opinion was not feasible under section 65, Income Tax Ordinance, 1979.
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