Law: Income Tax Ordinance, 1979

Section: 80C(2)(ii),50(5),136(1),80C

(a) Income Tax Ordinance (XXXI of 1979)-----S. 80-C(2)(ii)---Tax on income of certain contractors and importers--¬Machinery and equipment, import of---Final discharge of tax liability--¬Principles---Section 80-C (2)(ii) of the Income Tax Ordinance, 1979 though did not provide any exception from this provision to a commercial importer, yet the entire Scheme of Presumptive Tax Regime is focused on taxing the deemed income which is in the nature of turnover or sales of such goods, which were subsequently sold and generated profits---Machinery and equipments imported and installed by an assessee in his industrial undertaking was a fixed asset and did not generate profit in terms of sales or supplies like any other goods. (b) Income Tax Ordinance (XXXI of 1979)----- ----S.80-C (2)(ii)---Tax on income of certain contractors and importers--¬Goods---Connotation---Word "goods" connotes to a "merchandize" i.e. something which is stock-in-trade or is available for sale by a merchant or a trader. Blacks Law Dictionary ref. (c) Income Tax Ordinance (XXXI of 1979)---- ----Ss. 80-C(2)(ii) & 50(5)---S.R.O. 593(I)/91, dated 30-6-1991---C. B. R. Circular No. 12 of 1991; dated 30-6-1991---Tax on income of certain contractors and importers---Withholding tax ---Exemption---Principles--¬Commissioner of Income Tax though cannot allow exemption to an assessee from the applicability of S.80-C (2)(ii) of the Income Tax Ordinance, 1979 under his powers to grant exemption from withholding tax under S.50(5) of the Income Tax Ordinance, 1979 under various clauses of S.R.O. 593(I)/91, dated 30-6-1991, yet there is a nexus between the two provisions of law---Provisions of S.80-C of the Income Tax Ordinance, 1979 applies only to those cases of importers which are subjected to withholding tax under S.50(5) of the Income Tax Ordinance, 1979---Although classes of persons as Provincial Government and 'Local Authority are exempt from withholding tax under S.50(5) of the Income Tax Ordinance, 1979 vide clauses (i) and (ii) of S.R.O. 593(I)/91, dated 30-6-1991 there is no exception otherwise available to them under S.80-C of the Income Tax Ordinance, 1979. (1999) 80 Tax 262 ref. (d) Income Tax…

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