Law: Income Tax Ordinance, 1979

Section: 10,FirstSched.,PartIII&Para

Income Tax Ordinance (XXXI of 1979)----First Sched., Part III & Para. A---Provision/liability for tax falls within the preview of the expression "income as retained for meeting working capital requirements" as used in para. A, Part III of First Sched. to the Ordinance and is to be excluded from the total income for levy of surcharge. Commissioner of Income-tax v. Messrs Pakistan Tobacco Co. Ltd. 1988 PTD 66 fol. JUDGMENT MAMOON KAZI, J.---The learned Income Tax Appellate Tribunal while deciding the Second Appeal of the parties held that the 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 thereof, and hence it is to be excluded from the total income for levy of surcharge. The department was aggrieved by such order and therefore, the following questions have been referred to this Court for determination: "Question of Law for 1977-78: Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in holding that the amount of provision/liability of tax falls .within the purview of the expression "income as has been retained for meeting working capital requirement" as used .in Part III of the First Schedule to Finance Act, 1977, as amended by substituting through the Ordinance 11 of 1978 and section 4 of the Finance Act and hence it was to be excluded from the total income for levy of surcharge?" Question of Law for 1978-79: "Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in holding that the provision/liability for tax falls within the purview of the expression "income as has been retained for meeting working capital requirement" as used in Part III of the First Schedule to Finance Ordinance, 1978, and hence it was to be excluded from the total income for levy of surcharge?" Question of Law for 1979-80: "Whether on the facts and circumstances of the case, the Appellate Tribunal was justified in holding that the amount of provision/liability for tax falls within the purview of the expression "income as…

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