Law: Income Tax Ordinance, 1979

Section: 62,80D

Income Tax Ordinance (XXXI of 1979)]....Ss. 80 D & 62 Pakistan Telecommunication Employees Trust (Re-organization) Act (XVII of 1996), CI. 44(9) Pakistan Telecommunica-tion Employees Trust (Investment) Rules, 1997 C.B.R. Circular No. 10 of 1991, dated 30 6 1991 S.R.O. 946(I)/1997, dated 6 10 1997 -Income from making investment of pension fund Chargeability of tax under S. 80 D of the Income Tax Ordinance, 1979 First Appellate Authority deleted such tax on the ground that provisions of S 80 D of the Income Tax Ordinance, 1979 were not applicable on income from investment in Government securities, interest on late payment of contributions and profit and loss sharing account because gross receipts from these sources were not received under the head "business" and profession Department pleaded that Investment rules of the trust showed that the business of the trust was to make investment in Government : approved interest bearing securities and shares of listed companies and such earnings of the trust from investments were business income chargeable to tax under the provision of S.80 D of the Income Tax Ordinance, 1979 Validity Pakistan Telecommunication Employees Trust was managed by a Board of .Trustees Purpose of the establishment of the trust was the maintenance of pension fund Pension fund consists of amounts received from the employee's pension fund contribution, donations and investments and profits, gains and other returns accrued on such investments Legal status and scheme given in accounts showed that trust was established to provide gratuity, superannuation, retirement, family and invalid pension. and commutation to the employees Department failed to show that assessee was engaged in any business or industrial undertaking Provisions of S.80 D of the Income Tax Ordinance, 1979 were applicable on "gross receipts" from "business or profession" profits and gains which were ordinarily chargeable under S.22 of the Income Tax Ordinance, 1979 Since income of the assessee fell under the head of "income from other sources" the provisions of S.80 D of the Income Tax Ordinance, 1979 were not attracted Order of the First Appellate Authority was maintained by the…

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