For the assessm ent year 1995-96, which was for the income year, 19 4-95, the appellant was assessed under the provisions of section 80C of the Income Tax Ordinance. The question posed in the present referenc , is as follows:-- "Whether on the facts and in the circumstances of the case the Assessing Officer was legally correct that assessee liable to be tax under section 80-C once he had filed Return in compliance to section 55 of the Ordinance."
2. Learned counsel for the appellant contends, that according to Sehedule-II, part. 4, Clause 9, which was amended through Finance Act, 1996, the option has been given to the assessee, either to be assessed under the provisions of section 80C; or under the normal law; the view taken by the DCIT as also by the Tribunal, that the option was not available for the relevant year, is erroneous.
3. We are afraid that the above contention has no force; the position is otherwise. Before the above amendment, there was no option available to the appellant, except to be assessed under section 80-C of the Ordinance, as the case of the appellant is for the year prior to the amendment, which has no retrospective effect and thus was inapplicable to, the appellant's case. Answered accordingly. .