2025 P T D 35

Ss. 70, 34(5) & Second Schedule, Part-IV, Cls. (3A) [enacted through Finance Act, 2004]---
BPD Circular No.29 dated 15.10.2002 issued by State Bank of Pakistan---Circular No.14 of 2004
dated 17.07.2004 issued by (the then) Central Board of Revenue---Benefits under clause (3A) of
Part-IV of Second Schedule to the Income Tax Ordinance, 2001---Applicability of---
Retrospective effect---Scope---Deemed assessment order of S. 120 of the Income Tax Ordinance,
2001 ('the Ordinance, 2001') was reviewed by the Taxation Officer invoking S. 221 of the
Ordinance, 2001, and addition was made by the Taxation Officer treating amount of loan as
income, waived under State Bank's Amnesty Scheme in lieu of irrecoverable loans / debts while
denying benefit of Clause-3A of Part-IV of Second Schedule to the Income Tax Ordinance, 2001-
--Taxpayer's first appeal was allowed and the addition was deleted---Department filed Reference
application against judgment passed by Appellate Tribunal Inland Revenue ('Tribunal'), whereby
its appeal was dismissed while affirming order of the deletion of addition passed by
Commissioner (IT/WT)-Appeals---