Law: Income Tax Ordinance, 1979

Section: FirstSched.,PartIII,4

Income Tax Ordinance (XXXI of 1979)---First Sched., Part III & S.4---Provision/liability for tax falls within the purview of the expression "income as retained for meeting working capital requirements" as used in First Sched., Part III of the Finance Ordinance, 1978 read with S.4 of the said Ordinance and is to be excluded from the levy of surcharge. Commissioner of Income Tax v. Pakistan Tobacco Co. Ltd. 1988 PTD 66 fol. JUDGMENT NASIR ASLAM ZAHID, J.---On an application filed under section 136(1) of the Income Tax Ordinance filed by the department in respect of assessment year 1978-79 of the assessee the following question has been referred to us by the Income Tax Appellate Tribunal for opinion:-- "Whether on the facts and circumstances of the case the Appellate Tribunal was justified in holding that provision/liability for tax falls within the purview of the expression income as retained for meeting working capital requirements' as used in Part III of the First Schedule to the Finance Ordinance,…

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