Recharacterization of income and deductions

Application of other provisions of the Income Tax Ordinance, 2001 in computation of taxable income of an insurance company assessable under S.99 of the Income Tax Ordinance, 2001 read with Fourth Schedule to the Income Tax Ordinance, 2001

Validity

High Court disapproved invocation of S.67 of the Income Tax Ordinance, 2001 to the insurance company holding that S.99 of the Income Tax Ordinance, 2001 read with the Fourth Schedule to the Income Tax Ordinance, 2001 were special provisions applicable to insurance company and general provisions of the Income Tax Ordinance, 2001 were not to be applied in case of insurance companies

Provisions of S.109 of the Income Tax Ordinance, 2001 were not applicable to the taxpayer being a general insurance company assessable under S.99 of the Income Tax Ordinance, 2001 read with the Fourth Schedule of the Income Tax Ordinance, 2001.