Law: Income Tax Ordinance, 1979

Section: 22,80D

(a) Income Tax Ordinance (XXXI of 1979)--- ----S. 22---Grant given to Tourism Development Corporation by Government for promotion of its activities---Not to be considered and taxed as income. (b) Income Tax Ordinance (XXXI of 1979)----S. 80-D---Sale proceeds of assessee's (Tourism Development Corporation) assets could not be treated as part of turnover and taxed under S.80-D of Income Tax Ordinance, 1979. ORDER The present ITA No.410 of 1999, as also ITA Nos. 411 and 412 of 1999, are being disposed of together, as all these involve the common questions of law and facts. 2. The respondent is a Government Controlled Organization, set up for the promotion of Tourism Industry in Pakistan. The Assessing Officer made the assessment of three consecutive years and treated the government grant, given by the Punjab Government to the respondent on different occasions, as an income and also treated the sale proceeds of the assets bold by the respondent as part of the turnover and taxed the same on that basis under section 80-D of the Income Tax…

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