Law: Income Tax Act, 1922

Section: 17,17(5),2(6C),12(B),66(2)

(a) Income tax Act (XI of 1922)---Ss. 17(5), 2(6 C) & .12(B) Finance Ordinance (XI of 1970), Part 11, Sched. IV, para. (A), sub para. (1) Rebate could be allowed on so much income of a Company of relevant year as has been distributed as dividend to its shareholders Any capital gain chargeable to tax according to. S. 12 B was to be included in income of relevant yeas and if any part of such income of Company fell under Part II, Sehed. IV, para. (a) (1), proviso of Finance Act, 1970 was distributed by Company, Company, held, would be entitled to rebate of 15 percent on amount of super tax payable by it. (b) Income tax Act (XI of 1922) ... S. 17(5) finance Ordinance (XI of 1970), Part 11, Sched. IV ¬Rebate, held, was allowable on so much income of a Company of relevant year as has been distributed as dividends to shareholders¬ Any part of income if distributed as dividend was out of capital gains accumulated in earlier years, would not be entitled to rebate, being not income of that year. (c) Income tax Act (XI of 1922)¬--- S. 17(5) Section 17(5) not a charging provision (d) Income tax Act (XI of 1922) S. 17(5) Finance Ordinance (XI of 1970), part II, Sched. IV Company, held, was entitled to rebate at 15 per cent. on such mount of its capital gains of relevant year as had been distributed as dividends to its shareholders but not on the amount of capital gains accumulated in earlier years and distributed as dividends to shad holders in subsequent year. (e) Income tax Act (XI of 1922) S. 66(2) Reference Question of law Only a question of law that has some substance can be referred under S. 66 to High Court but not every question of law. Lungla (Sylhet) Tea Co. Ltd., Sylhet v. Commissioner of Income tax, Dacca Circle, Dacca 1970 S C M R 872 and Commissioner of Income tax. Punjab, Himachal Pardesh and Jamu & Kashmir v. Chander Bhan Harbhajan Lal (1966) 60 I T R 188 ref. JUDGMENT NAIMUDDIN, J. This is an application under section 66(2) of the Income tax Act, 1922, filed by the Commissioner of Income tax (Central Zone), Karachi referring the following question of law said to arise out of the order, dated 17 12 1974, passed by the Income tax Appellate Tribunal :…

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