Law: Income Tax Ordinance, 1979

Section: 136

(a) Income Tax Ordinance (XXXI of 1979)----S. 136---Appeal to High Court---Question in the nature of argument pre-supposing a finding of fact was refused to be entertained for consideration---Finding of facts was absent in the order of the Tribunal and such question could not be said to, have arisen out of the order of the Tribunal. (b) Income Tax Ordinance (XXXI of 1979)--- ----5.136---Appeal to High Court---Subject of appeal---Only a question of law arising out of order of the Tribunal can be a subject of appeal under the provisions of S.136 of the Income Tax Ordinance, 1979. (c) Income Tax Ordinance (XXXI of 1979)--- ----S. 136---Appeal to High Court---Consideration of facts---High Court while considering a question of law arising out of the order of the Tribunal considers the facts as these were found by the Tribunal. THIS ORDER PASSED BY : NASIM SIKANDAR, J.---This order will dispose of I.T.As. Nos. 134, 135 and 136 of 1998. 2. In these Income Tax Appeals under section 136 (since amended) of the Income Tax Ordinance, 1979; the Commissioner of Income Tax Companies Zone-III, Lahore claims that following common question of law has arisen out of a consolidated order, dated 17-1-1992 recorded by the Lahore Bench of the Income-tax Appellate Tribunal:-- "Whether on the facts and circumstances of the case the learned I.T.A.T. was justified in allowing financial expenses incurred on the loan obtained and invested in the shares of another company, where-from no dividend income was accrued/paid to the assessee." 3. The assessee-respondent is a public limited company and derives income from a spinning mill. For the three assessment years involved viz. 1992-93 to 1$94-95; while framing the assessments, the Assessing Officer disallowed interest on the amounts borrowed which were statedly invested in purchase of shares of associated companies. 4. On appeal the learned first appellate authority deleted the addition so made out of financial expenses. On further appeal, the learned Members of the Tribunal by way of the impugned order, dated 17-1-1998 refused to interfere for the department. 5. After hearing the learned counsel for the parties, we are of the view that the…

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