Law: Income Tax Ordinance, 1979

Section: FirstSched.,PartIV,para.B(2),5(1)(c)

(a) Income Tax Ordinance (XXXI of 1979)----First Sched., Part IV, para. B(2)---"Public company "---Definition--¬"Government" occurring in First Sched., Part IV, Para. B(2) cannot be extended to include bodies created by Provincial or Federal Statutes or incorporated as companies by these Governments---Rules of interpretation do not permit to restrict or enlarge the meaning of express words used in the statute---Mere fact that in earlier years the status of the assessee-Company was accepted as a "public company" or that in the case of another concern managed by Punjab Industrial Development Board the Revenue had accepted the claimed status as a public company will not be of any significance---No estoppel exists against law and one wrong cannot be acted upon as a precedent when it comes to give effect to the express words of a statues. 1996 PTD (Trib.) 25; 1993 PTD (Trib.) 110 and 1996 PTD (Trib.) 1117 ref. (b) Interpretation of statutes--- --- Fiscal statute---Rules of interpretation of such a statute do not permit Court to restrict or enlarge the meaning of express words used in the statute. (c) Estoppel--- ----No estoppel exists against law and one wrong cannot be acted upon as a precedent when it comes to give effect to the express words of a statute. (d) Income Tax Ordinance (XXXI of 1979)--- ---S. 5(1)(c)---Commissioner of Income Tax (Companies) Lahore Circular No.K-160(4)/1991-1992/917, dated 5-1-1992---Jurisdiction of Income Tax Authorities--- Deputy Commissioner of Income Tax and Inspecting Assistant Commissioner of Income Tax are to perform their functions as conferred upon them under the Ordinance in respect of person or class of persons or such areas as directed by the Commissioner to whom they are subordinate--¬Commissioner is empowered to direct that powers conferred on Deputy Commissioner Income Tax in respect of any proceedings relating to specified cases or class of cases shall be exercised by the I.A.C. and after it has been directed by the Commissioner any reference to D.C.I.T. for the purpose of such proceedings or cases or class of cases shall be deemed to be a reference to the I. A. C. ---Principles. The provisions of section 5(1)(c), Income…

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