Law: Income Tax Act, 1922

Section: 15BB,15BB(4AA),66

Law: Constitution of Pakistan, 1973

Section: 94

(a) Income tax Act (XI of 1922)----S. 15 BB read with subsection (4 AA) [as inserted by Finance Ordinance (XXI of 1972)], Constitution of Pakistan (1973), Art. 94 and Financial Laws Order (P. O. 5 of 1972) Exemption from taxation Amendment brought about by subsection (4 AA) in S. 15 BB of Income tax Act, 1922 Held, intended to take away right to claim exemption on dividends received by shareholder from income of companies covered by S. 15 BB. [Interpretation of statutes]. (b) Legislation Legislature Can enact curative legislation and validate orders/ actions not valid or without jurisdiction when passed or taken ¬Original invalid orders/actions without jurisdiction Held, can be validated by Legislature while some proceeding .arising therefrom remains pending and transaction not past and closed. (c) Income tax Act (XI of 1922) S. 66 Reference Binding nature of High Court's order Order of Income tax Appellate Tribunal Subject to order passed by High Court in reference Assessment proceedings not finally concluded during pendency of reference/cases, Legislature, held, could bring about amendment with retrospective effect in order to validate original assessment orders of Income tax Officers. (d) Income tax Act (XI of 1922) -----S. 15 BB read with subsection (4 AA) [as inserted by Finance Ordinance (XXI of 1972)], Interim Constitution of Pakistan (1972), Art. 279(4), proviso and Financial Laws Order (P. O. 5 of 1972)¬ Retrospectivity of statutes President even if deemed to have had power to re enact Finance Ordinance, 1972 by keeping it in force after expiry of its usual life his power remained subject to proviso contained in sub Art. (4) of Art. 279 of Constitution (1972) No amendment could have been made retrospectively to any date earlier than 20th December, 1971 Subsection (4 AA) inserted in S. 15 BB of Income¬tax Act, 1922 by Finance Ordinance, 1972 with retrospective effect, held, could not have retrospective effect from a date, prior to 20th December, 1971 on expiry of 6 weeks from date of reassembly of National Assembly and upon issuance of Financial Laws Order (P. O. 5 of 1972) Assessment 'orders relating to period prior to 20th December . .including…

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