Law: Income Tax Act, 1922

Section: 10(2)(vii),42(2)

Law: Income Tax Ordinance, 1979

Section: 136(2)

(a) Income Tax Act (XI of 1922)---S. 10(2)(vii)---Fixed assets of assessee compulsorily acquired by Bangladesh Government ---Assessee, Held , was entitled to claim such loss as deduction. United Liner Agencies of Pakistan v. Commissioner of Income-tax 1988 PTD 277 fol. (b) Income Tax Act (XI of 1922)--- ----S. 42(2)---Object, scope and application. Commissioner of Income-tax v. Pfizer Laboratories 1989 PTD 612 fol. (c) Income Tax Ordinance (XXI of 1979)--- ----S.136(2)---Income Tax Act (XI of 1922), S.66(1)(2)---Reference application having been dismissed under S.66(1) of the Act as barred by time, could not be treated as one under S.66(2) of the Act---Such application, therefore, would not he under S.136(2) of the Ordinance. Commissioner of Income-tax v. Asbestos Cement Industries Ltd. 1988 PTD 227 fol. JUDGMENT NASIR ASLAM ZAHID, J:-- In this application filed by the Commissioner of Income-tax under section 136(2) of the Income-tax Ordinance, 1979 answer to the following questions has been sought:- "(1) Whether on the facts and in the circumstances of the case,, the Tribunal was justified in allowing the loss of fixed assets amounting to Rs.1,18,79,220 claimed by the assessee under section 10(2) (vii) of the Income Tax Act of 1922 ? (2) Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that subsection (2) of section 42 of the Income Tax Act of 1922 is applicable in this case ? (3) Whether on the facts and in the circumstances of the case, the Tribunal was justified in deleting the add back of Rs.47,00,000? (4) Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Reference Application was barred by 21 days specially when the order in appeal was passed after repeal of the Income Tax Act of 1922 and after promulgation of the Income Tax Ordinance of 1979 ? We have heard Mr. Shaik Haider, learned counsel for the department and Mr. Khawaja Mansoor, learned counsel for the respondent/assessee. 2. The respondent, a public limited company, in its return submitted for the assessment year 1974-75, claimed loss of fixed assets amounting to Rs.1,18,79,220/- under section…

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