P L D 1975 Karachi 848 (PLP)
COMMISSIONER OF INCOME-TAX-Appellant Versus HABIB INSURANCE Co. LTD.-Respondent
| Citation | P L D 1975 Karachi 848 (PLP) |
| Forum / Court | |
| Bench Members | Dorab Patel and Jamaluddin H. Ahmad, JJ |
| Parties | COMMISSIONER OF INCOME-TAX-Appellant Versus HABIB INSURANCE Co. LTD.-Respondent |
| Primary Law | Income-tax Act (XI of 1922) |
Q1: What are the key laws and sections cited in P L D 1975 Karachi 848 (PLP)?
This judgment primarily cites: Income-tax Act (XI of 1922) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case P L D 1975 Karachi 848 (PLP)?
The case was heard and decided by the bench comprising: Dorab Patel and Jamaluddin H. Ahmad, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: P L D 1975 Karachi 848 (PLP) (COMMISSIONER OF INCOME-TAX-Appellant Versus HABIB INSURANCE Co. LTD.-Respondent). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- S. A. Nusrat for Appellant.
- Ali Athar for Respondent.
- Dates of hearing : 15th and 18th November 1974.
Headnotes / Summary
Ss. 3, 4(3)(xii), 10(7) & First Sched., r. 2(b)-Income from life insurance business of Insurance Company computed under r. 2(b) read with S. 10(7)-Not entitled to exemption from tax in respect of income from newly constructed property granted by S. 4(3)(xii)-Computation of profits and gains of Insurance Companies-To be done according to mode prescribed in First Schedule-Insurance Company-Has not to submit its returns under different heads but as one unit of income on basis of notional income prescribed in Schedule-Income chargeable in case of Insurance Companies-Notional income. C. I. T. v. Asian Assurance Company Ltd., Bombay (1963) 46 I T R 560 ; C. I. T., Bombay v. Western India Life Insurance Co. Ltd. (1949) 17 I T R 125 ; Vanguard Fire & General Insurance Co. Ltd. v. C.
1. T., Madras (1962) 45 I T R 328 ; C. L T., Bombay v. Crown Life Insurance Co. Ltd. (1956) 30 I T R 365 1 C.
1. T. v. American Life Insurance Co. 15 Taxation 268 ; Cape Brandy Syndicate v. The Commissioner of England Revenue 12 Taxation 358- ; North British and Mercantile Insurance Co. (1937) 5 I T R 349 ; Phoenix Assurance Co.'s case (1957) 5 I T R 397; (1937) 5 I T R 349 and Lakhshami Insurance Co. Ltd. v. C. I. T., Punjab, Delhi & North-West Frontier Province (1950) 18 1 T R 984 ref.
Judgment & Decree
Income‑tax Appeal No. 2 of 1966, decided on 16th May 1975. Ss. 3, 4(3)(xii), 10(7) & First Sched., r. 2(b)‑Income from life insur ance business of Insurance Company computed under r. 2(b) read with S. 10(7)‑Not entitled to exemption from tax in respect of income from newly constructed property granted by S. 4(3)(xii)‑Computation of profits and gains of Insurance Companies‑To be done according to mode prescribed in First Schedule‑Insurance Company‑Has not to submit its returns under different heads but as one unit of income on basis of notional income prescribed in Schedule‑Income chargeable in case of Insurance Companies‑Notional income. C. I. T. v. Asian Assurance Company Ltd., Bombay (1963) 46 I T R 560 ; C. I. T., Bombay v. Western India Life Insurance Co. Ltd. (1949) 17 I T R 125 ; Vanguard Fire & General Insurance Co. Ltd. v. C.
1. T., Madras (1962) 45 I T R 328 ; C. L T., Bombay v. Crown Life Insurance Co. Ltd. (1956) 30 I T R 365 1 C.
1. T. v. American Life Insurance Co. 15 Taxation 268 ; Cape Brandy Syndicate v. The Commissioner of England Revenue 12 Taxation 358‑ ; North British and Mercantile Insurance Co. (1937) 5 I T R 349 ; Phoenix Assurance Co.'s case (1957) 5 I T R 397; (1937) 5 I T R 349 and Lakhshami Insurance Co. Ltd. v. C. I. T., Punjab, Delhi & North‑West Frontier Province (1950) 18 1 T R 984 ref. S. A. Nusrat for Appellant. Ali Athar for Respondent. Dates of hearing : 15th and 18th November 1974.