Law: Income Tax Ordinance, 2001

Section: 53(1)(2),53(1)(c),113,122(5A)133(5)-Clau se(1A) ofPart-IV of Second Schedule-Clause(5) ofPartIII of Second Schedule

INCOME TAX ORDINANCE, 2001 (XLIX OF 2001)----Sections: 53(1)(2), 53(1)(c), 113, 122(5A) ,  133(5) - Clause (1A) of Part -IV of Second Schedule - Clause (5) of Part III of Second Schedule - Sub-clause (xvi) of clause (II) of Part-IV of Second Schedule - Exemptions and Tax Concessions in the Second Schedule - Amendment of assessments - Minimum tax on the income of certain persons - Taxpayer is a distribution company - E-filed return of income for the tax year 2007 - Purchase price/cost was excluded for the purpose of computing minimum tax - Show Cause Notice issued - Defence of exclusion of the purchase price by pleading retrospective application of clause (5) - SRO No. 171(I)/2008, dated 21.02.2008, rejected and assessment was amended - Amended assessment upheld by the first appellate forum - Appellate Tribunal held that clause (5) of Part-III of Second Schedule enacted through SRO 171(I)/2008 is remedial and curative in nature and to have retrospective operation - Tribunal extended its benefit for tax year 2007 - Validity - Reference to High Court - FACTS Taxpayer e-filed return of income for tax year 2007 on 12.01.2008, wherein turnover was computed from 24.02.2007 - date of notification of tariff - to 30.06.2007 and purchase price/cost was excluded for the purposes of computing minimum tax, which became deemed assessment order. Later, notice was issued under section 122(5A) of the Ordinance, 2001 and in response thereto, taxpayer defended exclusion of the purchase price by pleading retrospective application of clause (5) - SRO No.171(I)/2008 dated 21.02.2008, which defence was rejected and assessment was amended. Amended assessment was upheld by the first appellate forum, before being annulled by the Appellate Tribunal. Following questions of law, arising out of the order under reference, are proposed for determination. “1. Whether on the facts and in the circumstances of the case, the learned ATIR was justified to hold that Clause (5) of Part-III of the Second Schedule to the Income Tax Ordinance, 2001 enacted through SRO No. 171(I)/2008 dated 21.02.2008 is remedial and curative in nature and to have retrospective operation? 2. Whether on the facts and…

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