Law: Income Tax Ordinance, 2001

Section: 2(16)

Law: Companies Ordinance, 1984

Section: 42

Law: Income Tax Ordinance, 1979

Section: 22(b),62,SecondSched.,(93),(94)

Law: Companies Act, (VII of 1913)

Section: 26

[Income Tax Ordinance (XLIX of 2001)]....Section 2(16)---Companies Act (VII of 1913), S.26---Companies Ordinance (XLVII of 1984), S.42---Companies---Association of persons---Chamber of Commerce and industry---Status---Although assessee was registered as limited company with the Joint Registrar of Companies under S.26 of the Companies Act, 1913 but the Appellate Tribunal did not subscribe to the view that it was a limited company in stricto senso with the object of doing business, therefore, filing of return with the status of Association of Persons was not acceptable to the Department---Assessee got prior permission from the Federal Government before it could get itself registered as a company with the Joint Registrar of the Companies---Such was a distinguishable feature which separates the assessee from other ordinary companies, which were involved in doing business because they could get themselves registered with the Joint Registrar of Companies after fulfilling the legal requirements prescribed under the law i.e. Companies Ordinance and Security and Exchange Commission Act etc., but were not under any legal obligation to seek prior permission from the Federal Government, as in the case of assessee---One had to go through objects of the company as set out in the Memorandum of Association and also the nature of activities involved before one could ascertain whether it was a limited company formed for the purpose of doing normal business activities or an association made for some other purposes i.e. charitable etc. (b) Income Tax Ordinance (XXXI of 1979) S.2(16)---Companies Act (VII of 1913), S.26---Chamber of Commerce and Industry---Status---Assessee having objects like promoting and protecting the trade, commerce and industries and to watch over and protect the general industrial and commercial interests of the persons engaged in trade, `commerce and industries, clearly it was a charitable institution and it could not only dispense with the word "limited" but it could show its status as an Association of Persons at the time of filing of return---In the case of limited company veil could be lifted to ascertain true nature of a particular corporate…

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