Law: Income Tax Ordinance, 2001

Section: 99,122(5A),132,4th Schedule

Law: Workers Welfare Fund Ordinance, 1971

Section: 2-F

(a) Income Tax Ordinance (XLIX of 2001)- -Ss. 122(5A), 132 Fourth Sched., R.6-B [as amended by Finance Act (XXIX of 2016)]-Reinsurance, income of-One basket income- Rate of tax-Taxpayer, an Insurance Company, was aggrieved of order passed by Commissioner Inland Revenue (Appeals) affirming order passed by Assistant Commissioner Inland Revenue-Validity- Amendment made in Fourth Schedule through Finance Act, 2016 was made, in which R. 6-B was substituted whereby besides capital on disposal of shares, dividend of listed companies, vouchers of Pakistan Telecommunication Corporation, Mudariba Certificates or instruments of redeemable capital and derivative products were made part of income of insurance companies to be taxed and same was expressed intention of Legislature-Legislature, by said amendment in the Fourth Schedule intended to tax dividend and capital gains received by insurance companies at corporate tax rate and such intention was not earlier manifested-Commissioner Inland Revenue (Appeals) erred in treating dividend income as well as rental' income of taxpayer as business income chargeable at rate of 35% and his decision on such score was not sustainable in law-Appellate Tribunal Inland Revenue set aside orders passed by Commissioner Inland Revenue (Appeals)-Appeal was allowed in circumstances. EFU General Insurance Company Limited's case 1997 PTD 1693; Muslim Insurance Co. Ltd.'s case 2002 PTD 577; Muslim Insurance Company Limited's case 2004 PTD 2707; Security General Insurance Company Limited's case 2017 PTD 495; 1993 PTD 766 = 1993 SCMR 1232; 2011 PTD 2042; 2016 PTD 910 and 2016 PTD 2695 rel. (b) Workers' Welfare Fund Ordinance (XXXVI of 1971)- -S. 2-F-Workers Welfare Fund, levy of-Principle-Corporation established by government with its majority shares owned by government is not liable to levy of Workers' Welfare Fund. Pakistan Petroleum Limited (PPL)'s case 2009 PTD 662 and East Pakistan Chrome Tannery (Pvt.) Limited's case PLD 2017 SC 28 rel. THIS ORDER PASSED BY: MUHAMMAD JAWED ZAKARIA, JUDICIAL MEMBER:---.--- This appeal arises out of the order No.20, dated 10.10.2015 passed by the learned Commissioner Inland Revenue (Appeals-II), Karachi, for…

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