Law: Income Tax Act, 1922

Section: 10,153(2)

Law: Constitution of Pakistan, 1973

Section: 199

[Income Tax act, 1922 (XI of 1922)]........Section 10, read with Section 153(2) of the Companies Act, 1913 and the Constitution of Pakistan, 1973, Art.199-Assessment-Company-Spliting of company into two groups By virtue of resolution passed in General Meeting of shareholders of company-High Court according approval to grouping of company under Section 153 of Companies Act, 1913-.High Court not apprised of names ff creditors of company-Application in High Court for liquidation of company as a whole without making reference to grouping thereof-Company remained as a registered company even after grouping-Assessment made on company treating it as one entity Whether valid in law Held yes High Courts order under Section 153 of Companies Act, 1913-Whether binding on Income Tax Officer-Held no Companies Act, 1913 (VII of 1913); sec. 153(2); Constitution of Pakistan, 1973, Art. 199. ORDER AFTAB-HUSSAIN, J.-In a general meeting of the share-holders of Haideria Transport Company. Limited a resolution was passed on the 26th-February, 1957, for splitting up the Company into two groups to be known as Group A and Group B and for dividing inter se the assets of the Company including route permits. No action under Section 153 of the Companies Act was taken for several years till the Assist Registrar, Joint Stock Companies, drew the attention of the management of the two groups to this provision of law. Accordingly, an application under Section 153 of the Companies Act was submitted in the High Court which was allowed on the 30th Moy, 1966 (Annexure B). The short order is as follows:-- "An Extraordinary General Meeting of the share-holders of the Hyderia Transport Company was held at the Head Office of the Company at Jhang on the 15th May, 1 66, at 10.00 a. In. under the Chairmanship of Mr. Muhammad Akhtar, Advocate, after publication in the press and issue of notices to the share-holders. It appears from the report of Mr. Muhammad Akhtar, Advocate, that all the share-holders were present in the meeting and they all agreed to accept the entire scheme which was approved by the share-holders of the Company in a meeting held on the 126th of February, 1957. The scheme has been acted…

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