Law: Income Tax Act, 1922

Section: First Schedule,R.6(1),10,66(1)

Law: Income Tax Ordinance, 1979

Section: 136(1),(2)

(a) Income Tax Act (XI of 1922)----First Schedule, R.6(1) & S.10---Amount claimed by an insurance company on account of provision for taxation or taxation reserve was an admissible expenditure under S.10. Commissioner of Income-tax Central Karachi v. Messrs Mercantile Fire and Central Insurance Co. Ltd. 1989 P T D 142; The Commissioner of Income-tax v. International General Insurance Company Limited I.T.R. Nos.96 and 97 of 1983 and Commissioner Income-tax Zone 'A' v. Messrs Sootiashun Union I.T.R. No.101 of 1982 ref. (b) Income Tax Ordinance (XXXI of 1979)- ----S. 136(1) & (2)---Income Tax Act (XI of 1922), S.66(1)---Reference application filed beyond the period of 60 days having been dismissed under S.66(1) of the Act of 1922 as barred by time, could not be treated as one under S.136(1) of the Ordinance (XXXI of 1979)---Such an application, therefore, would not lie under S.136(1) of the Ordinance of 1979. Commissioner of Income-tax v. Messrs Asbestos Cement Industries Ltd. 1988 P T D 277 fol. JUDGMENT MUHAMMAD HUSSAIN ADIL KHATRI, J: -- The respondent company is carrying on General Insurance business. In assessment year 197677 it claimed provision for taxation reserve amounting to Rs.12,00,000 which was rejected by the Income Tax Officer. The assessee preferred appeal before the Appellate Assistant Commissioner of income-tax which was allowed. The Department preferred appeal before the Appellate Tribunal. The Appellate Tribunal confirmed the order passed by the Appellate Assistant Commissioner of Income-tax by order, dated 18-7-1981, The Commissioner of Income-tax being dissatisfied with the order of the Tribunal made an application under section 136(1) of the Income Tax Ordinance 1979 after expiry of 60 days of the receipt of the judgment, requiring the Appellate Tribunal to refer the question of law that arose out of its judgment for the decision of this Court. The Tribunal came to the conclusion that the application ought to have been filed under section 66(1) of the Income Tax Act, 1922 within a period of 60 days, instead of filing application under section 136(1) of the Income Tax Ordinance, 1979. The said application was therefore, dismissed by…

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