Profit Earned on Khas Deposit Certificates under National Saving Schemes
Profit Earned on Khas Deposit Certificates under National Saving Schemes legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Assessee claimed exemption on such profit in terms of Cl.(72) of Second Shed. of the Income Tax Ordinance, 1979, but Assessing Officer treated the same as "business" in terms of S.22(c) of the Ordinance
Appellate Authority restored statutory exemption claimed by the assessee
Appellate Tribunal approved the findings of Appellate Authority
Validity
Khas Deposit Certificates were in assessee's name
Securities of Khas Deposits were owned by company and appeared as its assets in balance-sheet
Exemption claimed by company, but declined by Assessing Officer had been restored by Appellate Authority
Tribunal had rightly declined to refer question as decision of Appellate Authority had been approved
Question raised could not be said to have arisen out of the order of Tribunal
Recipient of interest/profit was none other than assessee, who had invested amount in their account
High Court decided reference in affirmative in favour of the assessee.
"Profit Earned on Khas Deposit Certificates under National Saving Schemes", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/35486
Precedents & Case Laws citing "Profit Earned on Khas Deposit Certificates under National Saving Schemes"
2003 P T D 1720
COMMISSIONER OF INCOME-TAX, COMPANIES-I, KARACHI Versus Messrs UNITED LINER AGENCIES OF PAKISTAN (PVT.) LTD,. KARACHI
Court: Karachi High Court1992 P T D 32
Messrs CENTRAL INSURANCE COMPANY LTD. Versus COMMISSIONER OF INCOME TAX, RANGEI, GOVERNMENT OF PAKISTAN, KARACHI and another
Court: Karachinew Ordinance was passed
Messrs CENTRAL INSURANCE CO. and others Versus THE CENTRAL BOARD OF REVENUE, ISLAMABAD and others
Court: Supreme Court of Pakistan1993 S C M R 1232
Messrs CENTRAL INSURANCE CO. and others‑‑Appellants Versus THE CENTRAL BOARD OF REVENUE, ISLAMABAD and others‑‑‑Respondents
Court: Supreme Court of Pakistan,1989 P T D (Trib
ROYAL INSURANCE PLC., KARACHI Versus I.T.O. COS, CIR A-5, KARACHI
Court: Income-tax Appeallate Tribunal Pakistan1999 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan1998 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan2016 P T D (Trib
Messrs SECURITY GENERAL INSURANCE COMPANY LTD., LAHORE Versus The CIR, ZONE-III, LTU, LAHORE
Court: Inland Revenue Appellate TribunalP L D 1957 Dacca 1
JIBENDRA KISHORE AND OTHERS — Petitioners Versus THE PROVINCE OF EAST PAKISTAN — Respondent
Court: East Bengal State Acquisition and Tenancy Act, 1950 (XXVIII of 1951) as amended by East Bengal State Acquisition and Tenancy (Amendment) Ordinance (III of 1956), Ss. 3 (1) (2) & 37 ---Whether discriminatory-Whether hit by Art. 5, Constitution of Pakistan Provisions of Constitution No retrospective effect Meaning and scope of equality before law--- Validation of Laws Act 1956 Effect of Constitution enjoins equality not only in life and liberty but also in property Classification in legislation Waqf or Debutter Acquisition of Waqf land excepted by S.20 (5) of Act XXVIII of 1951 Not permissible Lands and buildings excluded by S.20 (2)(a)(b) of Act XXVIII of 1951 ---Not to be touched Constitution of Pakistan Arts. 4, 15, 25.1989 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan