Law: Income Tax Act, 1922

Section: 66(2)

Income-tax Act (XI of 1922)---S.66 (2) [as amended by Finance Ordinance (XIV of 1971)]--Reference application--Filing of certified copy of the order of Income-tax Appellate Tribunal or for that matter of the other orders with reference application, held, was a mandatory requirement by virtue of S.66 (2)--Non-filing of said certified copy with reference application and not even making an application for dispensing with the filing same had rendered the reference as not maintainable. Tax Reference No 207 of 1972 (Lah.); Tax Reference No.167 of 1973 and Tax Reference No. 165 of 1972 ref. JUDGMENT MAHBOOB AHMAD, J.--This Tax Reference has been filed by the Commissioner of Income Tax, Lahore Zone, Lahore under subsection (1) of Section 66 of the Income Tax Act, 1922. It relates to assessment year 1971-72. 2. The facts giving rise to this Tax Reference are that assessment of Sh. Gulzar Ahmad, Lahore for the year 1971-72 was made by the Income Tax Officer Companies, Circle II, Lahore by his order dated 26th of November, 1971. Against this order the assessee riled an appeal before the Income Tax Appellate Tribunal (Pakistan), Lahore which was decided by the said Tribunal by its order dated 4th of May, 1972: By this order the Tribunal allowed exemption under section 15-BB of the Income Tax Act on the dividend income received from a company as well as on interest on borrowed capital invested in shares. The amount of dividend income amounts to Rs.9.000 and that of interest comes to Rs.2,78E. 3. The. Department did not: feel satisfied with the allowing of above exemptions on dividend income and interest by the Income Tax Appellate Tribunal and, therefore, institute the Reference under consideration under Section 66 (1) of the Income Tax Act, 1922. Following questions of law have been requested to be answered:- (1) "Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that income from dividend declared out of the company's profits exempt under Section 15BB of the Income Tax Act is also exempt from tax in the hands of the share-holder of the company" (2) Whether on…

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