Law: Income Tax Ordinance, 2001

Section: 111,113,113(2),113(2)(c),114,122(1),122( 5A)

Law: Constitution of Pakistan, 1973

Section: 264

Law: General Clauses Act, 1897

Section: 6

JUDGMENT The Judgment of the Court was delivered by, Abid Aziz Sheikh J. - This judgment will decide instant reference application No. 209 of 2014 as well as reference application No.211 of 2014 filed u/s 133(1) of the Income Tax Ordinance, 2001 ("Ordinance") as identical questions of law and facts are involved therein, between the same parties and against the same consolidated order dated 17-4-2014 ("impugned order") passed by the learned Appellate Tribunal Inland Revenue, Lahore Bench, Lahore ("Tribunal") for tax years 201() and 2011. 2. The following Common question of law has been pressed by learned counsel for the applicant:- "Whether on the facts and circumstances of the matter, the learned ITAT was justified to hold that the law prevailing at the time of payment of minimum tax u/s 113 of the Income Tax Ordinance, 2001, would be applicable and not the law existing at the time of adjustment of credit of minimum tax against tax liability of subsequent tax year for the purposes of proviso to sub-section (2) of section 113 of the Income Tax Ordinance, 2001? Learned counsel for the applicant did not urge any other question of law formulated in the references during course of arguments and thus shall be deemed to have been abandoned having not pressed. 3. Relevant facts are that respondent-assessee is a private limited company engaged in the business of manufacturing of textile fibers. The returns for the tax year 2010 and 2011 filed u/s 114 were treated as deemed assessment orders. Subsequently the said deemed assessment orders were amended u/s 122(1)/122(5A) of the Ordinance by making certain additions. The first appeals by the respondent-assessee were rejected by the Commissioner Appeals on all issues except additions u/s 111 of the Ordinance for the tax year 2010 which was set aside for reconsideration. On further appeals by the respondent-assessee before the learned Tribunal, it was urged by the respondent/assessee that department has accepted all the pleas of the respondent-assessee except its claim of tax credit u/s 113(2)(c) of the Ordinance. The learned Tribunal through impugned order allowed the appeals of the respondent-assessee regarding its claim…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492