Law: Income Tax Ordinance, 1979

Section: 2,SecondSched,2(29A),Cl.105

(a) Income Tax Ordinance (XXXI of 1979)----Ss. 2(29-A) & Second Sched., Cl. 105---Modaraba Companies and Modaraba (Flotation and Control) Ordinance (XXXI of 1980), Ss.2(i)(a) & 8---Exemption from income tax in status of Modaraba claimed by State Enterprises Mutual Funds---Plea of authority that assessee was not entitled to such exemption for not qualifying to be a Modaraba in terms of S.8 of Modaraba Companies and Modaraba (Flotation and Control) Ordinance, 1980---Validity---Words in a statute would be construed harmoniously to give meaning to all words included therein---Meaning assigned to word "modaraba" in S. 2(i)(a) of the Ordinance would be read for purposes of Income Tax Ordinance, 1979 by virtue of S. 2(29-A) thereof---Unit Trusts and Mutual Funds, by whatever name called, would be treated as Modarabas for purposes of applicability of all provisions of Income Tax Ordinance, 1979 including tax treatment---Adopted provisions would become a part of adopting statute---Once meaning of word "modaraba" given in the Ordinance had been adopted by reference in Income Tax Ordinance, 1979, then completion of formalities prescribed in Ordinance, 1980 by assessee for qualifying as modaraba would not be required for application of Income Tax Ordinance, 1979 including tax treatment---Mutual Funds falling under definition of "modaraba" would be entitled to same tax treatment as Modaraba---Assessee was assessed in status of modarabas in circumstances---Principles. CIT v. Narsee Nagsee and Co. (1957) 31 ITR 164 Bom.; CIT v. V.R.M. Amin (1971) 82 ITR 94 (GUJ); Ramchandra Mardraj Deo v. Collector (1957) 31 ITR 651; CIT v. Alpha Insurance Co. Ltd. PLD 1981 SC 293; Beecham Pakistan v. CI 1995 PTD 577 and CIT v. Zafa Pharmaceuticals 2002 PTD 117 ref. Crawford "The Constitution of Statutes" rel. (b) Interpretation of statutes--- ----Words in a statute would be construed harmoniously to give meaning to all words included therein---Principles. (c) Interpretation of statutes--- ----Adopted provisions become a part of adopting statute. Crawford "the Constitution of Statutes" rel. THIS ORDER PASSED BY: MUHAMMAD ATHAR SAEED, J.---All these Income Tax Appeals have been filed…

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