Law: Income Tax Act, 1922

Section: 136(2),10,12,136

(a) Income Tax Ordinance (XXXI of 1979)----S. 136(2)---Reference application---Question of law---Questions whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal was justified in holding the application of the applicant as barred by time and whether Tribunal was justified in holding that Wealth tax liability was admissible deduction under Ss.10(2)(xvi) & 12(2) of the Income-tax Act, 1922 were question of law and Tribunal was not justified in refusing to refer these questions. (b) Income-tax Act (XI of 1922)--- ----Ss. 10 & ~12---Wealth tax paid on any income-yielding asset or property owned by the assessee or held for the purpose of his income, is d6ductible as expenses in computing the assessee's income, profit or gain under Ss. 10 & 12 of Income-tax Act, 1922. Commissioner of Income-tax, Central Zone "B", Karachi v. Zakia Siddiqui 1989 PTD 135 fol. (c) Income Tax Ordinance (XXXI of 1979)--- ----S. 136---Reference application---Limitation---Reference application filed on or after 1-7-1979 shall be governed by S. 136 of the Ordinance, which provides a period of limitation of 90 days from the date of the service of order of the Tribunal. I.T.C. No. 113 of 1984 fol. JUDGMENT SYED ABDUR REHMAN, J.---This is a reference under section 136(2) of Income Tax Ordinance, 1979. By this reference Commissioner of Income-tax, Central Zone "C", Karachi prayed that the following questions may be framed and decided as required by subsection (2) of section 136 of Income Tax Ordinance, 1979: "(a) Whether on the facts and the circumstances of the case the Tribunal was justified in holding the application of the applicant as barred by time? (b) Whether on the facts and in the circumstances of the case the learned Income-tax Appellate Tribunal was justified in holding that Wealth tax liability was admissible deduction under sections 10(2)(xvi) and 12(2) of the repealed Act of 1922?" We accordingly framed both these questions of law as we are satisfied that the Tribunal was not justified in refusing to refer these questions of law. We have heard Mr. Muhammad Iqbal,…

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