| Citation(s) |
|---|
| 1991 SLG 158 1991 SLD 158 1991 PTD 914 (1992) 65 TAX 138 |
Sindh High Court
I.T.R. No. 465 of 1990, decision dated: 30-05-1991
NASIR ASLAM ZAHID AND MUHAMMAD HUSSAIN ADIL KHATRI, JJ
Nasrullah Awan for Applicant. Khalifa Salah-ud-Din for
Respondent
I.T.R. No. 465 of 1990, decision dated: 30-05-1991
NASIR ASLAM ZAHID AND MUHAMMAD HUSSAIN ADIL KHATRI, JJ
Nasrullah Awan for Applicant. Khalifa Salah-ud-Din for
Respondent
COMMISSIONER OF IncomE tax
VS
PAKISTAN OXYGEN LTD
Law: Income Tax Ordinance, 1979
Section: 136
Finance Ordinance (XXV of 1980)---Sched. I, Part III, para. A---"Retained income"---Provision for taxation being "retained income" as requirement of working capital was not liable for surcharge. Commissioner of Income-tax v. Pakistan Tobacco Co. Ltd. etc. 1988 PTD 66 and Commissioner of Income-tax v. M/s. Sindh Alkalies (Pvt.) Ltd. I.T.C. No. 374 of 1990 fol. JUDGMENT MUHAMMAD HUSSAIN ADIL KHATRI, J.---The Income-tax Appellate Tribunal has referred the following question under section 136(1) of the Income Tax Ordinance, 1979: "Whether under the facts and circumstances of this case the surcharge is leviable on amount of taxes payable?" The aforesaid question was…
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