Law: Income Tax Ordinance, 2001

Section: 122,122(9)

Law: Workers Welfare Fund Ordinance, 1971

Section: 4

Income Tax Ordinance, 2001 (XLIX of 2001) - Section 122(5A) & 122(9), Worker's Welfare Fund Ordinance, 1971 - Section 4 - Amendments of Assessments - Default in payment of WWF, alongwith returns, - Levy of WWF by O.I.R. -Annulment of assessment by CIR(A) - Validity - Whether since CIR(A) has followed precedent set forth by Lahore High Court and followed by Tribunal, therefore, no exception can be taken on this score and relief allowed by CIR(A) deleting levy of WWF is accordingly confirmed - Held yes. As regards the issue of WWF is concerned, since the learned CIR(A) has allowed the precedent set forth by the Honorable High Court of Lahore and followed by this Tribunal, therefore, no exception can be made on this score and relief allowed by the learned CIR(A) for tax years 2010 and 2011 deleting the levy of WWF is accordingly confirmed. Both the appeals on this score are dismissed. (B) Income Tax Ordinance, 2001 (XLIX of 2001) - Section 113 & Clause (57) of Part-IV of Second Schedule - Minimum Tax on income - Trading House - Embargo on exemption - Business period related to assessment year 1992-93, whereas condition/restriction for availability of exemption is for 10 years from levy of minimum tax imposed through Finance Act, 2006 - Conditions fulfilled by appellant - Direction to O.I.R. to allow exemption - Validity - Whether Clause (57) of Part- IV of Second Schedule to Income Tax Ordinance, 2001, was introduced vide Finance Act, 2005 which was explained vide Circular No. 1 of 2005 dated 05-07-2005 with aim to exclude Large Trading Houses from P.TR. - Held yes - Whether waiver from payment of minimum tax in case of such houses was also introduced vide Finance Act, 2006 and proviso was also added to effect that these houses have been exempted from application of minimum Tax for first ten years starting from tax year in which business operation commences - Held yes - Whether this leads to controversy that this is valid and lawful provision giving exemption only to new business and not to old ones irrespective of fact that they WWF all conditions as set forth in clause (57) of Part IV of Second Schedule - Held yes - Whether taxpayers who have regularly been…

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