Investment Tax Scheme 2008

Investment Tax Scheme, 2008 which was made for allowing the undisclosed income by payment of tax thereon was "subject to the provisions of Income Tax Ordinance, 2001" which meant that said clause was not a non obstante clause

All the provisions of Income Tax Ordinance, 2001 shall remain intact while making any scheme

Investment scheme would not apply 'on the income which had not escaped assessment and was still subject-matter of the proceedings in some assessment

Phrase "but was not so charged" had made the position very clear

If an amount had already been charged or was subject to charge and the proceedings were pending in respect thereto, the Investment Tax Scheme, 2008 could not be extended on such income

Even if the Board had not issued C.B.R. Circular No.8 of 2008 dated 5-9-208, the Investment Tax Scheme, 2008, because of the definition of "undisclosed income" given therein, could not have been allowed in respect of the income for which department had already issued notices or that the same was in respect of an income which pertained to tax year 2008

Scheme had to remain within the parameters fixed by S.120-A, Income Tax Ordinance, 2001

Principles.