Law: Income Tax Ordinance, 1979

Section: First Schedule,PartIV,paraB(2)

Income Tax Ordinance (XXXI of 1979)----First Sched., Part IV, para. B(2)---"Public Company"---" Public Limited Company"---Status---Determination of ---Assessee was a Public Limited Company incorporated under Companies Ordinance, 1984---Fifty per cent shares of the assessee-company were owned/held by Pakistan Industrial Development Corporation, a Corporation created by statute ---Assessee Company claimed the status of a "Public Company" for the purpose of levy of tax on the ground that 50 % shares were held by the Corporation which was wholly owned and controlled by the Government of Pakistan---Assessing Officer rejected the claim of the assessee-company on the ground that holding of shares partly by Corporation would not make the assessee¬ company a Government-owned Company which finding was confirmed by both the Appellate Authorities below---Validity---Appellate Tribunal after examination of various aspects regarding the status of Corporation and definition of "Government", High Court observed that shares held to the extent of 50% by the Corporation in the assessee-company could not be taken to be held by the Government of Pakistan as contemplated in the definition of "Public Company "---Assessee-company, thus, could not be accorded status of a "Public Company" but could only be accorded the status of a "Private Limited Company" in the circumstances. Central Board of Revenue v. S.I.T.E. PLD 1985 SC 97; 1973 PTD 499; PLD 1971 SC 585; 1998 PTD (Trib.) 273; 1993 PTD (Trib.) 1106 and 1993 PTD (Trib.) 1100 ref. 1997 PTD (Trib.) 1435 approved. JUDGMENT RAJA QURESHI, J.---Impugned in this appeal is an order of assessment under section 62 of the Income Tax Ordinance, 1979, dated 29-10-1996, relating to assessment year 1995-96 and order under section 132 of the Income Tax Ordinance passed by the respondent No. 1, dated 15-12-1996 and order passed by the Income-tax Appellate Tribunal in I.T.A. No.1605/KB of 1?96-97 under section 135 of the Income Tax Ordinance, 1979,,dated 12-12-1997. The following question has arisen in this appeal. "Whether the appellant company, being a public limited company incorporated under the Companies Ordinance, 1984, 50% of whose share are…

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