2001 PLP 2322 (PTD)
THE COMMISSIONER OF INCOME‑TAX, COMPANIES, LAHORE Versus Messrs LOCUS TRADERS SHAN (PVT.) LTD, LAHORE
| Citation | 2001 PLP 2322 (PTD) |
| Forum / Court | Lahore High Court |
| Bench Members | Nasim Sikandar and Jawwad S. Khawaja, JJ |
| Parties | THE COMMISSIONER OF INCOME‑TAX, COMPANIES, LAHORE Versus Messrs LOCUS TRADERS SHAN (PVT.) LTD, LAHORE |
| Primary Law | Income Tax Ordinance (XXXI of 1979)‑‑‑ |
Q1: What are the key laws and sections cited in 2001 PLP 2322 (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 2001 PLP 2322 (PTD)?
The case was heard and decided by the Lahore High Court bench comprising: Nasim Sikandar and Jawwad S. Khawaja, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 2001 PLP 2322 (PTD) (THE COMMISSIONER OF INCOME‑TAX, COMPANIES, LAHORE Versus Messrs LOCUS TRADERS SHAN (PVT.) LTD, LAHORE). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Shafqat Mehmood Chohan for Petitioner.
- Nemo for Respondent.
Headnotes / Summary
‑‑‑‑S.136‑‑‑Reference to High Court‑‑‑Question of fact‑‑‑Cost of freight and insurance‑‑‑Item of Profit and Loss Account of trading account‑‑‑Question whether the Tribunal was justified in holding that cost of freight and insurance is an item of Profit and Loss Account in spite of the facts that it was a direct expense and debitable to the trading account, did not raise any legal controversy‑‑‑High Court declined to answer the question. 1999 PTD 1329 rel.
Judgment & Decree
NASIM SIKANDAR, J.‑‑‑This is a case stated by the Lahore Bench of the Income‑tax Appellate Tribunal, at the instance of the Commissioner of Income‑tax, Companies, Lahore. The following question has been framed for our consideration and answer:‑‑‑- "Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that cost of freight and insurance is an item of Profit and Loss Account in spite of the facts that it is direct expense and debitable to the trading account."
2. After hearing the learned counsel for the Revenue, we will not take long to hold that the aforesaid question does not raise any legal controversy as earlier found by a Division Bench of this Court in 1999 PTD 1329 re: Commissioner of Income‑tax v. Anwar Enterprises, Sialkot. While disposing of as many as 461 P.T.Rs./petitions, the learned Division Bench concluded that these tax references did not raise any question of law arising from the orders of the Tribunal. Also in view of the introduction of presumptive tax regime by Finance Act, 1992, similar questions framed in these references were found to be of academic interest only.
3. Respectfully following the said order, we will decline to answer the question. Answer declined. C.M.A./M.A.K./C‑47/L Answer declined.