Law: Finance Act, 1977

Section: Sched.I,PartIII

Finance Act (XXX of 1977)----Sched. I, Part III [as amended by Finance (Amendment) Ordinance (II of 1978)]---Surcharge---Retained income---Surcharge cannot be levied on amount of taxes payable and total tax levied can be treated as a "'retained income" for meeting working capital requirement. Commissioner of Income-tax v. The Asbestos Cement Industries Limited 1993 P T D 343 ref. JUDGMENT MUHAMMAD HUSSAIN ADIL KHATRI, J.--The applicant filed an application before the Income-tax Appellate Tribunal in relation to the assessment year 1978-79 for the assessment of income of the respondent, for reference to this Court of the question whether under the law and the circumstances of the case surcharge could not be levied on amount of taxes payable and whether total tax levied can be treated as a retained income for meeting working capital requirements, but the learned Tribunal dismissed the application on the ground that questions sought to be…

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