Law: Income Tax Act, 1922

Section: 15BB

Income-tax Act (XI of 1922)---S. 15 BB Dividends received by assessee on shares of companies enjoying benefit of S. 15 BB, held, exempt from tax and not liable to be included in total income of shareholders. Commissioner of income tax, Karachi (East) v. Yasin Ali Akbar H. Ibrahim P L D 1982 Kar. 847 fol. JUDGMENT This reference under section 66(1) of the Income tax Act, 1922 (hereinafter called the Act) is filed by the Commissioner of Income tax Karachi (Central), Karachi. The relevant facts as stated in the application are that in the assessment 1970-71 (Accounting period ending on 30 6 1970), the respondent declared dividend income of Rs. 16,360, from Messrs Moghal Tobacco Company Limited, but claimed exemption to payment of tax thereon on the ground that the said dividend was received from the Company the profits whereof were exempted from the tax under section 15 BB of the Ad. The Income tax Officer, however, rejected the claim of the respondent and brought the said income tax as pet order of assessment dated 30.1.1969, However, on appeal the Income tax Appellate Tribunal set aside the order of the Income tax Officer by the order dated 5.11.1971. Therefore, the applicant has filed the present application raising the following question of law "Whether on the facts and in the circumstances of the case the Incometax Appellate Tribunal was justified in holding that dividends received by the assessee on shares of Company enjoying the benefit of section 15 BB of the Income tax Act are exempt from tax and not liable to be included in the total income of the…

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