Law: Income Tax Ordinance, 1979

Section: 52,86,50,2(16)(bb)

Law: Income Tax Ordinance, 2001

Section: 153(9),

(a) Income Tax Ordinance (XXXI of 1979)----Ss. 52, 86, 50 & 2 (16)(bb)---Income Tax Ordinance (XLIX of 2001), S.153(9)---C.B.R. Circular Letter C. No.1 (17) WHT/91-PT, dated 29-8-2002---Liability of persons failing to deduct or pay tax---Company--Trust---Proceedings under Ss. 52/86 of the Income Tax Ordinance, 1979 were initiated treating the assessee as a company in terms of provisions of S.2(16)(bb) of the Income Tax Ordinance, 1979---Assessee contended that both the authorities below had erred in holding the appellant as public company since it was not formed by or under any law for the time being in force as in the case of trust to be a company, the qualifying condition was that the same should have been formed by order under law---Validity---Assessee having neither been formed by a special Act of legislature nor under any law, fell outside the purview of definition and could not be termed as company---Orders of both the officers below, holding the assessee as an "assessee in default" were vacated by the Appellate Tribunal as the assessee was not required to deduct tax as provided under S.50 of the Income Tax Ordinance, 1979 being a trust and not a company. 2000 PTD 3388; 2003 PTD 1264; 1998 PTD (Trib.) 2017; 2003 PTD (Trib.) 436 and I.T.A. Nos. 456 and 689/KB of 2003 rel. (b) Income Tax Ordinance (XXXI of 1979)--- ----Ss. 2(16)(b) & 2(16)(bb)---Company---Trust---Principle that cooperative societies registered under the provisions of Cooperative Societies Act, 1925 were not companies within the meaning of S.2(16)(b) of the Income Tax Ordinance, 1979 will also apply to trust as provided in clause (bb) of subsection (16) of S.2 of the Income Tax Ordinance, 1979. (c) Document, registration of--- ----Object---Object of registration of a document is firstly to give notice to' the world that such a document has been executed, secondly, to prevent fraud and forgery and thirdly to secure that every person dealing with the property, where such dealings require registration, may rely with confidence upon the statements contained in the register as a full and complete account of all transactions by which the title to the property may be affected. (d)…

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