Law:

Section:

Income Tax Ordinance (XXXI of 1979)--- ----Ss. 50(2A), 57, 65, 80-B & 136(2)---Reference---Re-opening of case---Public limited company---Interest income---Assessee was a public limited company, and its return was revised under S. 57 of Income Tax Ordinance, 1979, for the reason that in original return, interest income on which tax was deducted under S.50 (2A) of Income Tax Ordinance, 1979, was inadvertently declared in the head `business income', whereas the same fell under S.80-B of Income Tax Ordinance, 1979---Validity---In case of public limited company, provision of S.80-B of Income Tax Ordinance, 1979, was not applicable---Interest income earned by such company was to be taxed as its income from other sources---Original order passed by Assessing Officer suffered with illegal infirmity and was a case of excessive relief or that of assessment made at too low rate which was rightly reopened under the provisions of S.65 (1) of Income Tax Ordinance, 1979, by the department---High Court answered the reference in negative i.e. in favour of department and against assessee. Genertech Pakistan Ltd. and others v. Income Tax Appellate Tribunal of Pakistan Lahore and others 2004 SCMR 1319; Inspecting Assistant Commissioner and Chairman Panel 20, Companies and another v. Pakistan Herald limited through Director 1997 SCMR 1256 = 1997 PTD 1485; Edulji Dinshaw Limited v. Income Tax Officer 1990 PTD 155; Arafat Woolen Mills Limited v. The Income Tax Officer, Companies Circle C-1, Karachi 1990 PTD 338; Pakistan Tobacco Co. Ltd. v. Government of Pakistan through Secretary Ministry of Finance and 3 others 1993 SCMR 493; Commissioner of Income Tax, Zone-D, Karachi v. Jenning Private School 1993 SCMR 96; Philips Electrical Company of Pakistan (Pvt.) Limited v. Income Tax Officer, Karachi 1990 PTD 389; Republic Motors Limited v. Income Tax Officer and others Karachi 1990 PTD 889; M.R. Sons v. Income Tax Officer 1989 PTD 1010; Muslim Commercial Bank Limited v. Deputy Commissioner of Income Tax and others 2004 PTD 1901; Muhammad Shafi and 3 others v. Income Tax Officer 2005 PTD 1014 and Citibank N.A. through Resident Vice President v. Commissioner of Income Tax 2007 PTD 1560;…

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