Law: Income Tax Ordinance, 1979

Section: 143,.30,23,61,62,50(5),25,80C(2)(a)(ii), 143B

(a) Income Tax Ordinance (XXXI of 1979)----Ss.80-C(2)(a)(ii), 143-B & 50(5)---Tax on income of certain contractors and importers ---Value for computation of advance tax ---Collector of Customs shall collect advance tax computed, on the basis of value of such goods as increased by the customs duty and sales tax and for the purpose of S.80-C(2)(a)(ii) Income Tax Ordinance, 1979, the amount computed under S.50(5) of the Income Tax Ordinance, 1979, would be the value of the goods. Writ Petition No.18268 of 2001; Ramna Pipe's case 1994 PTD 848 and 2003 PTD (Trio) 735 distinguished. 2005 PTD 194 and Writ Petition No.19286 of 2001 ref. Messrs Madina Enterprises Ltd. v. Federation of Pakistan and others in Constitutional Petition No. 398 of 2001 rel. (b) Income Tax Ordinance (XXXI of 1979)--- ----S.50(5)---Customs Act (IV of 1969), S.25----Deduction of tax at source---For purpose of income tax on the import of the goods, value of the goods is to be taken as per S.25 of the Customs Act, 1979 plus customs duty and sales tax, if any, paid on it. Messrs. Madina Enterprises Ltd. v. Federation of Pakistan and others in Constitutional Petition No. 398 of 2001 rel. (c) Income Tax Ordinance (XXXI of 1979)--- ----Ss.61, 62 & 80C---Notice for production of books of accounts, etc.---Non-issuance of notice ---Return was revised inviting the attention of Taxation Officer for calculating income tax pursuant to S.80C of the Income Tax Ordinance, 1979 on the value of imported finished goods excluding the customs duty and sales tax ---Was not necessary to issue fresh notice in that context being purely a legal issue agitated in view of the s of High Court ---No controversy being involved and no explanation was required of whatsoever nature for determination of the issue, in the situation, neither notice under S.61 and S.62 of the Income Tax Ordinance 1979 was necessary nor mandatory. 2003 PTD 739 rel. (d) Income Tax Ordinance (XXXI of 1979)--- ----Ss.23 & 80-C---Deduction---Exchange loss---Claimed exchange loss was disallowed by observing that it was not possible as the assessee was subject to tax under S.80-C of the Income Tax Ordinance, 1979---Issue having already been…

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