Law:

Section:

Invested-- ----Interpretation--Invested and commencing date--The term has been defined in Black's Law Dictionary Eight Edition which means--An expenditure to acquire property or assets to produce revenue. [P. 135] A "Investment Contract"-- ----Interpretation and Construction of term--Investment contract has been defined the investment of money in a common enterprise with profits to come solely from the efforts of the others. [P. 135] B Income Tax Ordinance, 1979 (XXXI of 1979)-- ----Clause-6(F)--Constitution of Pakistan, 1973--Arts. 246 & 247--Levy of tax--Question of--Exemption--Disallowed--Principle for construing tax laws--Ambiguity in language of statute--Levy of tax is a kind of penalty--Validity--Any ambiguity in a taxing provision which is open to two construction, one favouring the revenue department and the other goes favour of tax payer/assessee, then in such case the construction which favour the latter shall be acted upon--Held: No ambiguity in the language of the statute--Appellate Income Tax Tribunal was perfectly justified in holding that view which is legally tenable being in accord with the principle of justice and is, therefore maintained--References dismissed. [Pp. 136 & 137] C & D Order Dost Muhammad Khan, J.--This single judgment shall also decide the following Tax References:-- (i) T.R. No. 28/2006. C.I.T. Vs. Akhtar Munir. (ii) T.R. No. 29/2006. C.I.T. Vs. Akhtar Munir. (iii) T.R. No. 31/2006. C.I.T. Vs. Nizam Gul. (iv) T.R. No. 32/2006. C.I.T. Vs. Nizam Gul. (v) T.R. No. 33/2006. C.I.T. Vs. Nizam Gul. (vi) T.R. No. 34/2006. C.I.T. Vs. Shahid Gul. (vii) T.R. No. 35/2006. C.I.T. Vs. Shahid Gul. (viii) T.R. No. 36/2006. C.I.T. Vs. Shahid Gul. (ix) T.R. No. 37/2006. C.I.T. Vs. Irshad Khan. (x) T.R. No. 38/2006. C.I.T. Vs. Irshad Khan (xi) T.R. No. 39/2006. C.I.T. Vs. Irshad Khan. (xii) T.R. No. 40/2006. C.I.T. Vs. Shahid Islam. (xiii) T.R. No. 41/2006. C.I.T. Vs. Shahid Islam. (xiv) T.R. No. 42/2006. C.I.T. Vs. Shahid Islam. (xv) T.R. No. 43/2006. C.I.T. Vs. Malik Qeemat Khan. (xvi) T.R. No. 44/2006. C.I.T. Vs. Malik Qeemat Khan. (xvii) T.R. No. 45/2006. C.I.T. Vs. Malik Qeemat Khan. (xviii) T.R. No. 48/2006. C.I.T. Vs. Muhammad…

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