Law: Income Tax Ordinance, 1979

Section: FirstSched

Income Tax Ordinance (XXXI of 1979)---Sched. 1, Part III, para. A [as amended by Finance (Amendment) Ordinance (Il of 1978), S. 2]---Income-tax liability payable for relevant assessment year could be included for purposes of working out retained income for levy of surcharge. Commissioner of Income-tax v. Messrs Pakistan Tobacco Co. Ltd. 1988 PTD 66 fol. JUDGMENT MAMOON KAZI, J.---The Income-tax Officer determined total income of the respondent assessee at Rs.20,58,857. For the purpose of levy of surcharge in accordance with the provisions of the Finance (Amendment) Ordinance, 1978, Part III, section 4, the Income-tax Officer considered Rs.10,29,429 being the provision for tax liability as retained income and hence excluded the said amount for calculating the surcharge. The department was, however, dissatisfied and it made a reference to the learned Income-tax Appellate Tribunal. Hence the following question has been referred by the learned Tribunal for our opinion: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the provision made for payment of taxes could be considered as retained income for purposes of levy of…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492