JUDGMENT

NASEER AHMED (ACCOUNTANT MEMBER).-The titled appeals have been filed by the assessee against two separate orders recorded by the learned CIT(A) Zone-III, Lahore. Against the first order passed by learned CIT(A), dated 20-12-2002 the assessee has agitated the assessment of income amounting to Rs.72,735 and Rs.332,667 from other sources and then setting off the same against the declared loss of Rs.27,141,964 and Rs.1,817,938 respectively for the assessment years 1997-98 and 1998-99. In the other set of appeals for the assessment years 1997-98 and 1998-99 the assessee has agitated that the learned CIT(A) was not justified to reject the appeals on the ground of limitation.2. Brief facts giving rise to the present appeals are that the assessee, a private limited company, derives income from processing, dyeing and bleaching of yarn and cloth. Returns were filed to declare loss at Rs.27,141,964 and Rs. 1,817,938 respectively for the years 1997-98 and 1998-99. Partial books of accounts were pr...