Law: Income Tax Ordinance, 1979

Section: FourthSched.R.5(c),62,50,52

Law: Insurance Ordinance, 2000

Section: Preamble

[Income Tax Ordinance (XXXI of 1979)]......Fourth Sched. R.5(c)---Insurance Ordinance (XXXIX of 2000), Preamble---Computation of profits and gains of insurance business---General insurance---Curtailment of management expenses---Assessee contended that assessments framed after the promulgation of the Insurance Ordinance, 2000 were not maintainable in law on the issue of curtailment management expenses as. no limits had been prescribed in this respect in the Insurance Ordinance, 2000 thus making the applicability of R.5(c) of the Fourth Schedule to the Income Tax Ordinance, 1979 to be of no legal effect---Department could not controvert such factual position of the assessee, Appellate Tribunal deleted the management expenses in circumstances. I.T.A. No. 2172/12B of 2001 and 2005 PTD (Trib.) 474 rel. (b) Income Tax Ordinance (XXXI of 1979) S. 62---Assessment on production of accounts, evidence etc.--Disallowence---Assessee contended that disallowances were made without specifying and identifying element of personal nature expenses---Department supported the finding of First Appellate Authority that disallowances had been made in line with the history of the case as evolved at the level of Appellate Tribunal---Assertion of department was found correct and appeal of the assessee on the issue was dismissed by the Appellate Tribunal. 2002 PTD 1496 rel. (c) Income Tax Ordinance (XXXI of 1979) Ss. 24(c) & 50--Deduction not admissible---Re-insurance premium payments on commission---Disallowance was made for failure to withhold tax on re-insurance premium payments on commission payable to Pakistan Insurance Corporation---Assessee contended that no payment was made but the total claim represented accrued amounts and no question of deduction of tax could arise---Validity---Pakistan Insurance Corporation was taxpayer and was paying tax on its income which included receipts from re-insurance premium commission---Appellate Tribunal directed to delete the addition made under S.24(c) of the Income Tax Ordinance, 1979. (d) Income Tax Ordinance (XXXI of 1979) Ss. 52 & 50---Liability of persons failing to deduct or pay tax---Assessee contended that Assessing Officer was not…

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