ORDER

1. The appellant through this appeal has assailed the order of the learned IAC dated 08-04-2000 passed u/s 66A of the Income Tax Ordinance 1979 on the grounds that the learned IAC has erred:-(i) in observing that the interest income has not accrued on the instruments issued by the payer Company and has not attracted the provision of Section 50(7D) of the Ordinance,(ii) in directing that assessment be made afresh under the normal provisions of the Ordinance in respect of interest income of Rs.1,560,368/-(iii) in adjudicating that the order passed under section 62 of the Income Tax Ordinance, 1979 is erroneous and prejudicial to the interest of Revenue.2. Brief facts leading to this appeal are that return showing a loss of Rs.29,923/- was filed alongwith computation of income, tax liability and other documents. The assessing officer sent a notice in accordance with law u/s 61, in response to that notice representative of the assessee attended and furnished the necessary details asked by ...