Initial allowance
Initial allowance legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Taxpayer contended that initial allowance was allowable on heavy vehicles used for the purpose of business; and was added during the year; and otherwise fork lifter was an item of the category of 'plant and machinery' and the same was eligible for initial allowance under S.23 of the Income Tax Ordinance, 2001
Validity
F.B.R. Circular No.4 of 1963 had been issued under the repealed Income Tax Act and was protected under the repealed Income Tax Ordinance, 1979
No such protection was available under the Income Tax Ordinance, 2001
Initial depreciation was not allowable on Suzuki van
Fork lifter was not a road transport vehicle but was plant and machinery directly plied and used for business purpose and allowance as provided under S.23 of the Income Tax Ordinance, 2001 was applicable
Appellate Tribunal directed to allow initial depreciation on fork lifter.
"Initial allowance", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/124945647
Precedents & Case Laws citing "Initial allowance"
2022 P T D 1109
COMMISSIONER OF INCOME TAX (LEGAL) Versus Messrs ASKARI BANK LIMITED, RAWALPINDI and others
Court: Supreme Court of Pakistan2022 S C M R 1104
COMMISSIONER OF INCOME TAX (LEGAL) — Petitioner Versus Messrs ASKARI BANK LIMITED, RAWALPINDI and others — Respondents
Court: Supreme Court of Pakistan2012 P T D (Trib
Messrs BGP (PAKISTAN) INTERNATIONAL, ISLAMABAD Versus C.I.R., L.T.U., ISLAMABAD
Court: Inland Revenue Appellate Tribunal of Pakistan2020 P T D 2119
Messrs ASKARI BANK LIMITED, RAWALPINDI Versus COMMISSIONER OF INCOME TAX (LEGAL), LARGE TAXPAYER UNIT, ISLAMABAD and others
Court: Islamabad High Court2009 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan2011 P T D (Trib
COMMISSIONER OF INCOME TAX (LEGAL DIVISION), ISLAMABAD Versus Messrs WARID TELECOM (PVT.) LTD., LAHORE and 2 others
Court: Inland Revenue Appellate Tribunal of Pakistan2010 P T D (Trib
N/A
Court: Inland Revenue Appellate Tribunal of Pakistan2004 P Cr
SHAFIQUE AHMED — Applicant Versus THE STATE — Respondent
Court: Karachi2016 M L D 314
PORDIL KHAN — Petitioner Versus STATE through Advocate General, Khyber Pakhtunkhwa and 11 others — Respondents
Court: Peshawar2014 P T D 1530
COMMISSIONER INLAND REVENUE Versus Rana RIASAT TUFAIL and others
Court: Lahore High Court