| Citation(s) |
|---|
| 2000 SLG 210 2000 SLD 210 2000 PTD 507 |
Appellate Tribunal Inland Revenue
I.T.As. Nos. 17(PB), 18(PB), 140(PB) and 141.(PB) of 1998-99, decision dated: 21st April, 1999.hearing DATE : 2-03-1999.
ABDUR REHMAN AFRIDI, ACCOUNTANT MEMBER AND FAZAL UR REHMAN KHAN, JUDICIAL MEMBER.
Mirza Anwar Baig for Appellant (in I.T.As. Nos.17 and 18 of 1998-99). Sultan Wazir Khan, D. R. for
Respondent (in I. T. As. Nos.17 and 18 of 1998-99). Sultan Wazir Khan, D.R. for Appellant (in I.T.As. Nos.140 and 141 of 1998-99). Mirza Anwar Baig for R
I.T.As. Nos. 17(PB), 18(PB), 140(PB) and 141.(PB) of 1998-99, decision dated: 21st April, 1999.hearing DATE : 2-03-1999.
ABDUR REHMAN AFRIDI, ACCOUNTANT MEMBER AND FAZAL UR REHMAN KHAN, JUDICIAL MEMBER.
Mirza Anwar Baig for Appellant (in I.T.As. Nos.17 and 18 of 1998-99). Sultan Wazir Khan, D. R. for
Respondent (in I. T. As. Nos.17 and 18 of 1998-99). Sultan Wazir Khan, D.R. for Appellant (in I.T.As. Nos.140 and 141 of 1998-99). Mirza Anwar Baig for R
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Law: Income Tax Ordinance, 1979
Section: 2(20)(31)&50(6A),FirstSched.,PartV,para. D&SecondSched.,Part1,c1.80(ii),2(20)&12( 11)
Law: Companies Ordinance, 1984
Section: 2(21),89,249,1(f)(g)(i),12,13(a)
(a) Income Tax Ordinance (XXXI of 1979)----First Sched., Part I, paras. D & E, Part IV, para. B(2) & Part V, para. A---Banking Company---Public Company ---Status---Determination---Banking company was not treated as public company by the Assessing Officer on the ground that in the First Sched. of the Income Tax Ordinance, 1979, Banking Company had been assigned the status distinct and independent from other companies and Legislature imposed a greater tax burden on Banking business as compared to the other business concerns---Validity---No reason existed to imply that a Banking Company was not a public company---Concept that a Banking Company could also be a public; company was reinforced by para. A of Part V of First Sched of Income Tax Ordinance, 1979, which lays down rates of income-tax payable by various categories of Companies ---Para. A of Part V of First Sched., of Income Taxi Ordinance, 1979, provided that a Banking Company could be a private company as well as public company---Legislature intended that business income of a Banking Company should be assessed at a higher rate as compared to business income of other such companies ---Concessional rates were laid down for public companies but at the same time Banking Companies, which would otherwise be public companies, were excluded from this concession---For purposes of levy of income-tax in respect of business income other than dividends, enhanced tax rates were prescribed in respect of Banking Companies ---Assessee, though a Banking Company, was also at the same time a public company although it was not entitled to the concessional rates in respect of income from business operations in the same, way as other public companies were. (b) Income Tax Ordinance (XXXI of 1979)-- ----First Sched., Part V, paras. A & D---Rate of income-tax for companies---Dividend income---Dividend income of a Banking Company was taxed by the Assessing Officer at the rate specified in para. A(1)(a) of Part V of First Sched., of the Income Tax Ordinance, 1979, rather than reduced rates specified in para. D of the said Part for dividend income on the ground that Banking Companies were not specifically mentioned in para.…
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