2002 PLP 2759 (PTD)
Messrs AIRMECH ENGINEERING INDUSTRIES (PVT.) LTD. Versus COMMISSIONER OF INCOME-TAX,
| Citation | 2002 PLP 2759 (PTD) |
| Forum / Court | Lahore High Court |
| Bench Members | Naseem Sikandar and Muhammad Sair Ali, JJ |
| Parties | Messrs AIRMECH ENGINEERING INDUSTRIES (PVT.) LTD. Versus COMMISSIONER OF INCOME-TAX, |
| Primary Law | Income Tax Ordinance (XXXI of 1979) |
Q1: What are the key laws and sections cited in 2002 PLP 2759 (PTD)?
This judgment primarily cites: Income Tax Ordinance (XXXI of 1979) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 2002 PLP 2759 (PTD)?
The case was heard and decided by the Lahore High Court bench comprising: Naseem Sikandar and Muhammad Sair Ali, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2002 PLP 2759 (PTD) (Messrs AIRMECH ENGINEERING INDUSTRIES (PVT.) LTD. Versus COMMISSIONER OF INCOME-TAX,). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Sajid Mahmood Sheikh for Petitioner.
Headnotes / Summary
Ss.12(18) & 136
Section 12(18) of Income Tax Ordinance, 1979-- Scope and applicability of S.12(8), Income Tax Ordinance, 1979
High Court had already resolved the issue through a judgment dated 6-2-2001 passed in I.T.As. Nos.491, 492, 677, 678 and 321 of 2000, which had been upheld by Supreme Court on 24-1-2001 in Civil Petition No.984 of 2001 to 988-L of 2001
High Court answered the question in the negative. I.T.As. Nos.491, 492, 677, 678 and 321 of 2001 and C.Ps. Nos.984/L to 988/L of 2001 fol. Muhammad Ilyas Khan for the Revenue.
Judgment & Decree
NASEEM SIKANDAR, J.
In this further appeal under section 136 of the Income Tax Ordinance, 1979 (since amended) following questions of law are stated to have arisen out of the order of the Tribunal dated 27-3-2000:
(i) Whether in the facts - and circumstances of the case the provisions of section 12(18) of the Income Tax Ordinance, 1979 are applicable? (ii) Whether in the facts and circumstances of the case it is necessary under the Income Tax Ordinance, 1979 that an application for allotment of shares be made in the office of the Corporate Law Authority before the close of the account year? (iii) Whether the facts that the assessee had applied before the Corporate Law Authority for allotment of shares after the Assessing Officer had confronted the assessee on this account '-- materially change the nature of the amount deposited for deposit (sic) for share with the company? (iv) Whether in the facts and circumstances of the case the Hon'ble ITAT was right in cancelling the order of the learned first appellate forum/CIT (A)'s and restoring the order of the Assessing Officer/Deputy Commissioner of Income Tax Circle-01 Islamabad? (v) Whether deposit for share means "loan" under law?
2. On hearing the learned counsel we will readily agree that the issue in hand if the provisions of section 12(18) of the Income Tax Ordinance, 1979 were attracted to the facts of the present case already stands resolved by this Court through a judgment dated 6-2-2001 in I.T.As. Nos. 491 of 2000, 492 of 2000, 677 of 2000, 678 of 2000 and 321 of 2000. That judgment was subsequently maintained by the Hon'ble Supreme Court of Pakistan on 24-1-2001 in C.Ps. Nos. 984 of 2001 to 988/2001.
3. That being so Question No. (1) as framed is answered in the) negative. The other four questions as framed do not need to be answered.
4. Appeal disposed of. C.M.A./M.A.K./A-519/L Order accordingly.