Law:

Section:

NASIR ASLAM ZAHID, C.J.---In respect of the Assessment year 1980-81 of the Assessee/Respondent, on the application of the Department, the learned Income Tax Appellate Tribunal has referred the following question for our opinion".

"Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in holding that provision/liability for tax falls within the purview of the expression `income as retained for meeting working capital requirements' as used in Para `A' of Part III of the First Schedule to the Income-tax Ordinance, 1979 read with section 10 of it and hence it is to be excluded from the total income for levy of surcharge."