Law: Income Tax Ordinance, 1979

Section: 12,12(18),136

Income Tax Ordinance (XXXI of 1979)---Ss. 12(18) & 136---Section 12(18) of Income Tax Ordinance, 1979--­Scope and applicability of S.12(8), Income Tax Ordinance, 1979---High Court had already resolved the issue through a dated 6-2-2001 passed in I.T.As. Nos.491, 492, 677, 678 and 321 of 2000, which had been upheld by Supreme Court on 24-1-2001 in Civil Petition No.984 of 2001 to 988-L of 2001---High Court answered the question in the negative. I.T.As. Nos.491, 492, 677, 678 and 321 of 2001 and C.Ps. Nos.984/L to 988/L of 2001 fol. ORDER NASEEM SIKANDAR, J.---In this further appeal under section 136 of the Income Tax Ordinance, 1979 (since amended) following questions of law are stated to have arisen out of the order of the Tribunal dated 27-3-2000: --- (i) "Whether in the facts - and circumstances of the case the provisions of section 12(18) of the Income Tax Ordinance, 1979 are applicable? (ii) Whether in the facts and circumstances of the case it is necessary under the Income Tax Ordinance, 1979 that an application for allotment of shares be made in the office of the Corporate Law Authority before the close of the account year? (iii) Whether the facts that the assessee had applied before the Corporate Law Authority for allotment of shares after the Assessing Officer had confronted the…

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