Law: Income Tax Ordinance, 1979

Section: 10,62

Income Tax Ordinance (XXXI of 1979)------Ss.10 & 62 Finance Ordinance (XXV of 1980), Sched. 1, Part .III, para. A, Explanation Retained income Current liability Income tax liability payable for relevant assessment year can be included for the purposes of working out retained income for levy of surcharge. Commissioner of Income tax v. Pakistan Tobacco Co. 1988 P T D 66 fol. JUDGMENT SALEEM AKHTAR, J. The respondent a non resident company is engaged in banking business. For the assessment year 1978 79 it declared an income of Rs. 24,92,361 in which the Assessing Officer made certain additions out of the profit and loss expenses and assessed the income at Rs. 26,30,901 creating a tax liability of Rs. 1,08,416. A surcharge of Rs. 1,70,841 was levied on the tax payable by the respondent. The levy of surcharge was challenged by the respondent before the Commissioner of Income tax (Appeals), which was accepted. The Department filed appeal before the Appellate Tribunal, but the order of the Appellate Commissioner was maintained. The department then filed an application under section 136(1) of the Income tax Ordinance,…

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