Law: Income Tax Ordinance, 1979

Section: 14,14(2),62,SecondSched.,Cl.79A,Cl.79B

(a) Income Tax Ordinance (XXXI of 1979)----Ss. 14(2), 62 & Second Sched., Part-I, Cls. (79A) & (79B)---Finance Act (II of 1994), Preamble---Income Tax (Amendment) Ordinance (VII of 1995), Preamble---Income Tax (Fourth Amendment) Ordinance (XLVIII of 1995), Preamble---S.R.O. 796(I)/87, dated 4-10-1987---S.R.O. 603(I)/89, dated 6-6-1989---S.R.O. 745(I)/89, dated 11-7-1989---C.B.R. Letter C. No.1 (33) E&IC/97, dated 15-5-1999---Exemption---Income from WAPDA Bonds---Assessee, a banking company---First Appellate Authority upheld the treatment of Assessing Officer on the issues of not exempting the income earned from WAPDA Bonds--- Validity---In absence of any amendment in S. 14 of the Income Tax Ordinance, 1979 in terms of S.R.O. 745(I)/89, dated 11-7-1989 and because of intact provision of clauses (79A) and (79B) of Part-I of the Second Schedule of the Income Tax Ordinance, 1979, S.R.O. 745(I)/89, dated 11-7-1989 lost its legal veracity, as such the clarification from the Central Board of Revenue "that the income from WAPDA Bonds were exempt under clauses (79A) and (79B) of Part-I of the Second Schedule of the Income Tax Ordinance, 1979 only if such bonds were held by individuals and companies other than banks and insurance companies" held the field besides being absolute and legal---Assessing authority rightly assessed the income of the assessee being a Banking Company following clarification and provisions of S.14(2) of the Income Tax Ordinance, 1979 and clauses (79A) and (79B) of Part-I of the Second Schedule of the Income Tax Ordinance, 1979. I.T.A. No. 193/KB of 1998-99 dated 19-7-1999 rel. AIR 1979 SC 621 distinguished. AIR 1986 SC 806; AIR 1978 SC 621; NLR 2000 Tax 126 and PLD 1991 SC 546 ref. 1997 PTD (Trib.) 13 irrelevant. (b) Income-tax--- ----Promissory estoppel---No promissory estoppel against the legislature in the exercise of its legislative functions nor can be Government or public authority debarred by promissory estoppel from enforcing statutory prohibition. AIR 1978 SC 621 rel. (c) Income Tax Ordinance (XXXI of 1979)--- ----S.14(2)---S. R.0.745(I)/89, dated 11-7-1989---Exemption--Promissory estoppel--Promise brought up through…

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