| Citation(s) |
|---|
| 1979 SLG 338 1979 SLD 338 1979 PLD 591 |
Sindh High Court
Income tax Reference No. 25 of 1970, decided on 12th March 1979. Date of hearing: 21st February 1979.
ABDUL HAYEE KURESHI AND I. MAHMUD, JJ
J. H. Rahimtoola for Applicant. Mansoor Ahmad Khan for
Respondent.
Income tax Reference No. 25 of 1970, decided on 12th March 1979. Date of hearing: 21st February 1979.
ABDUL HAYEE KURESHI AND I. MAHMUD, JJ
J. H. Rahimtoola for Applicant. Mansoor Ahmad Khan for
Respondent.
MESSERS SAINRAPT & ET. BRICE, KARACHI --Applicant
VS
THE COMMISSIONER OF Income Tax (WEST), KARACHI --Respondent
Law:
Section:
(a) Income tax Act (XI of 1922) S. 24 (2) (1), (ii) Set off of carried forward loss Words "such business" in clause (it) of S. 24 (2) Held, not controlled or qualified by word "loss" but refer to and qualify words "in any other business" i. e. non speculative business Assesses Company carrying on businesses individually and also in partnership with other Company Apportioned carried forward share of loss in partnership business Held, can be set off against profits earned by assessee in its individual business[Abdul Aziz and another v. Muhammad Ibrahim PLD 1977 S C 422 and Stroud's Judicial Dictionary, 4th Edn. Vol. 5, p. 2662 not applicable]. [Words and phrases]. Rais Pir Ahmed Khan v. Commissioner of Income tax, Lahore Zone Lahore 1975 P T D 70; Sitaram Motirarn Jain v. Commissioner of Income tax (1961) 43 I T R 405; Messers Wallem & Co. (Pak.) Ltd., Karachi v. Commissioner of Income tax 1974 P T D 207 and Pheroze Ali v. Commissioner of Income tax (West), Karachi PLD 1978 Kar. 765 ref.…
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