Law: Income Tax Ordinance, 2001

Section: 17,17(1)(a),32,133(4)(5)

Income Tax Ordinance (XLIX of 2001)- -Ss. 17(1)(a) & 133(4)-Charge of Tax on interest on securities- Procedure-Question of law-Authorities were aggrieved of order passed by Income Tax Appellate Tribunal interpreting the tax mechanism-Validity-Question of law that was framed in reference did not raise any substantive question of law arising out of order of Income Tax Appellate Tribunal as in advisory jurisdiction, court could only answer questions of law-High Court framed questions of law arising out of tax reference yet primary and foremost question to be determined was interpretation of S.17(1)(a) of Income Tax Ordinance, 2001 which related to interest earned by Bank on government securities whether on accrual basis or on receipt basis-High Court declined to interfere in order passed by Income Tax Appellate Tribunal and maintained the same-Reference was dismissed in circumstance. Messrs F.M.Y. Industries (Pvt.) Ltd. v. Deputy Commissioner of Income Tax and others 2014 SCMR 907; Commissioner Income Tax v. Habib Bank Limited and ANZ Grindlays Bank PLC 2014 SCMR 1557 and Deputy Commissioner of Income Tax, Circle C-4, Karachi v. National Bank of Pakistan, Karachi 2019 SCMR 1011 ref. THIS ORDER PASSED BY: JAWAD HASSAN, JUSTICE:---.--- This Income Tax Reference under section 133(4) of the Income Tax Ordinance, 2001 ("the Ordinance") is filed by the Applicant, being dissatisfied by the order passed by the Income Tax Appellate Tribunal, Lahore Bench, Lahore ("Appellate Tribunal") in R.A.No.542/LB/2003 (Assessment Year 1998-1999) dated 12.12.2003. 2. This reference application is being decided along with connected references, a list of which is given as Annex-A to this order. These reference applications are being dealt with and decided together as a common question of law arises for an opinion of this Court. The only difference is in the dates of the orders which are also specified in Annex-A. All the impugned orders follow a single pattern and are premised on the same source and authority. 3. Following questions of law are pressed for our opinion in all the Reference Applications, which are asserted to have arisen out of orders:- i. Whether on the facts and in…

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