| Citation(s) |
|---|
| 2004 SLG 79 2004 SLD 79 2004 PTD 1602 |
Income Tax Appellate Tribunal
I.T.As. Nos.124/KB and 198/KB of 2003, decision dated: 24-02-2004, hearing DATE : 29-01-2004.
S. HASAN IMAM, JUDICIAL MEMBER AND S. A. MINAM, JAFRI, ACCOUNTANT MEMBER
Sajjad Ahmed D.R. for Appellant (in I.T.A. No. 124/KB of 2003). Asif Kasbati, F.C.A. for
Respondent (in I.T.A. No. 124/KB of 2003). Asif Kasbati, F.C.A. for Appellant (in I.T.A. No. 198/KB of 2003). Sajjad Ahmed D.R. for
Respondent (in I.T.A. No. 198/KB o
I.T.As. Nos.124/KB and 198/KB of 2003, decision dated: 24-02-2004, hearing DATE : 29-01-2004.
S. HASAN IMAM, JUDICIAL MEMBER AND S. A. MINAM, JAFRI, ACCOUNTANT MEMBER
Sajjad Ahmed D.R. for Appellant (in I.T.A. No. 124/KB of 2003). Asif Kasbati, F.C.A. for
Respondent (in I.T.A. No. 124/KB of 2003). Asif Kasbati, F.C.A. for Appellant (in I.T.A. No. 198/KB of 2003). Sajjad Ahmed D.R. for
Respondent (in I.T.A. No. 198/KB o
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Law: Income Tax Ordinance, 1979
Section: FourthSched.,5(a),6A
(a) Income Tax Ordinance (XXXI of 1979)----Fourth Sched., R. 5(a) & 6A General insurance Exemption of capital gains from sale of shares Provisions for taxation and tax deducted at source from interest and dividend charged to profit and loss account was disallowed being inadmissible deduction under R.6 A as well as 5(a) of the Fourth Schedule of the Income Tax Ordinance, 1979 Such addition in the head provision for taxation and provision for tax in respect of interest and dividend income confirmed by the First Appellate Authority was also confirmed by the Appellate Tribunal. (1998) 77 Tax 35 rel. (b) Income Tax Ordinance (XXXI of 1979) Fourth Sched., R.5(a) General insurance Provision for diminution in the value of investments Disallowance of by the Assessing Officer was upheld by the First Appellate Authority Validity R. 5(a) of the Fourth Schedule of the Income Tax Ordinance, 1979 provides exclusion of an expenditure or allowance or any reserve or provision for any expenditure Whereas R.5(b) of the Fourth Schedule of the Income Tax Ordinance, 1979 had nothing to do with the provision It simply referred to amount either written off or taken to reserve to meet depreciation Assessee had made provision for diminution in the value of investment and since it was a provision for expenditure, it was inadmissible under R.5(a) of the Fourth Schedule to the Income Tax Ordinance, 1979 Order confirming the treatment was not interfered by the Appellate Tribunal. (1992) 66 Tax 33 rel. (c) Income tax Capital gain on sale of share Concessional rate of tax Direction of First Appellate Authority to Assessing Officer to apply concessional tax rate of 25% on capital gain on sale of shares was confirmed by the Appellate Tribunal. (1998) 77 Tax 66 (Trib.) and Civil Appeals Nos.933 to 940 of 1995 rel. ORDER S. HASAN IMAM (JUDICIAL MEMBER). We would prefer to decide by this order, cross appeals, pertaining to assessment years 2001 2002. The assessee has taken objection to the order, dated 31 10 2002 maintaining the disallowance of provision for taxation of Rs.12,34,294 (Rs.1,155,524 Rs.78,770) and disallowances of provision for diminution in the value of investments amounting to…
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