COMMISSIONER INLAND REVENUE vs OLYMPIA CHEMICALS LTD — 2021 PTD 1512 LAHORE-HIGH-COURT-LAHORE

Case information

Citation: 2021 PTD 1512 LAHORE-HIGH-COURT-LAHORE
Court: Lahore High Court
Year: 2021
Reporter: PTD
Parties: COMMISSIONER INLAND REVENUE vs OLYMPIA CHEMICALS LTD
Subject matter: Tax & Customs
Provisions referred to: S. 6----M; S. 133; S. 113; S. 6; General Clauses Act (X of 1897); Income Tax Ordinance; Finance Act; General Clauses Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

COMMISSIONER INLAND REVENUE VS OLYMPIA CHEMICALS LTD., LAHORE Ss.113(2)(c) & 133---Constitution of Pakistan Art. 264---General Clauses Act (X of 1897) S.6----Minimum tax on income of certain persons---Carry forward and adjustment of excess tax under S.133(2)(c) against tax liability in subsequent years ----Amendments in S.113(2)(c) of the Income Tax Ordinance, 2001 to apply prospectively---Vested rights of taxpayer---Scope---Question before High Court was whether taxpayer while filing his return in 2009 could claim adjustment on account of excess tax paid under S.113(2)(c) Income Tax Ordinance, 2001 for years 2004 to 2008, when such provision to carry forward excess tax was deleted by Finance Act, 2008---Validity---Excess amount of tax paid, in the present case, which was carried forward related to years 2004 to 2008 and under the repealed provision of S.113(2)(c) of Income Tax Ordinance, 2001 prevailing at the relevant time, said amount was adjustable against tax liability for a period of five years and per subsequent change in law, such period was reduced to three years----Said amendment in law, however, would not curtail period of adjustment of five years for taxpayer as a substantive and vested right had accrued in favour of taxpayer --- Once vested right of taxpayer accrued under the statute, such right could not be disregarded if such statutory provision was subsequently repealed, and said principle was enshrined in Art. 264 of Constitution and S.6 of General Clauses Act, 1897---Reference was answered, accordingly.

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