Law: Income Tax Ordinance, 1979

Section: 50,80(c)

Law: Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980

Section: 2(ab),(c)

(a) Modaraba Companies and Modaraba (Floatation and Control) Ordinance (XXXI of 1980)----S.2(ab) & (c)---Transfer of Property Act (IV of 1882), S.54---Income Tax Ordinance (XXXI of 1979), S.50(4)---Supply of goods through lease and buy-back arrangement---Taxability---Such transaction would not amount to sale, thus, not taxable---Section 54 of Transfer of Property Act, 1882 not applicable to lease agreement of goods made by Modaraba Companies to its client: (b) Income Tax Ordinance (XXXI of 1979)--- ----S.80(c)---Transaction on account of buy-back and lease arrangement would not attract provisions of S.80(c) of Income Tax Ordinance, 1979. ORDER The Assessing Officer during the passing of an assessment order came across the certain amounts, which were shown to have been deducted under section 50(4) of the Income Tax Ordinance, 1979; the assessee claims the credit of this amount, which was disallowed against the above order, the respondent/assessee filed an appeal before the CIT (Appeals) and the CIT Appeals came to the conclusion "Thus there appears to be no justification to treat the sale/lease back of certain assets tax-deductible under section 50(4) of the Income Tax . Ordinance, assessed under sections 62/80(c) simultaneously". Aggrieved of this the Department went in second appeal and the Tribunal has upheld the order of the CIT (Appeals) in the following words:-- "In support of his contention, learned…

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