Taxation Reserve
Taxation Reserve legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
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"Taxation Reserve", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/13930
Precedents & Case Laws citing "Taxation Reserve"
1989 P T D 1247
THE COMMISSIONER OF INCOME TAX Versus Messrs HABIB INSURANCE CO. Ltd.
Court: Karachi High Court1989 P T D 1248
THE COMMISSIONER OF INCOME-TAX, CENTRAL, KARACHI Versus Messrs ATLAS ASSURANCE CO. LTD., KARACHI
Court: Karachi High Court1990 P T D 402
C.I.T. CENTRAL ZONE A, KARACHI Versus Messrs ROYAL INSURANCE CO.
Court: Karachi High Court1991 S C M R 2485
CENTRAL ZONE, `A', KARACHI — Appellant Versus Messrs PHOENIX ASSURANCE CO. LTD: — Respondent
Court: ----First Sched., R.6 & S.10(7)---Insurance Act (X of 1938), Ss.11, 15 18, 21 & 102---Jurisdiction of Income Tax Officer---Taxation reserve being not expenditure, Income Tax Officer had no jurisdiction to examine or exclude same from the profit and loss account and the Profit and Loss Appropriation Account approved by the Controller of Insurance under the Insurance Act, 1938---Finality was attached to the accounts submitted by the assessee insurance company under the Insurance Act, 1938 to the Controller of Insurance, and the limited jurisdiction vesting in the Income Tax Officer was only to exclude expenditure from the balance profit in such accounts which was not permissible under S.10 of Income Tax Act, 1922---Income Tax Officer was not competent to upset the integrity of the accounts submitted by the assessee under the Insurance Act, 1938 by applying the ordinary rules for computation of profits and gains and for assessment of tax thereon in the light of provisions of Income Tax Act, 1922 in respect of the income in regard to the head `business'---If the item in question did not in substance and essence constitute expenditure, it would be out of power of Income Tax Officer to apply the provisions of First Schedule, R.6, Income Tax Act, 1922 to exclude and addback the same to the balance of profits in order to bring it within tax net- -Jurisdiction.1991 P T D 1028
KARACHI — Appellant Versus Messrs PHOENIX ASSURANCE CO. LTD. — Respondent
Court: Supreme Court of Pakistan2002 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan1992 P T D 1177
Messrs HOME INSURANCE CO. LTD., KARACHI Versus COMMISSIONER OF INCOME TAX, COMPANIES RANGE III, KARACHI I.T.C.
Court: Karachi High Court1980 P T D (Trib
N/A
Court: Income‑tax Appellate Tribunal1994 P T D 498
THE COMMISSIONER OF INCOME-TAX, CENTRAL ZONE A, KARACHI Versus Messrs MERCANTILE FIRE & GENERAL INSURANCE CO. LTD., KARACHI
Court: Karachi High Court