COMMISSIONER INLAND REVENUE (ZONE-III), LARGE TAXPAYERS UNIT vs NEW JUBILEE INSURANCE CO — 2022 PTD 618 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 PTD 618 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: PTD
Parties: COMMISSIONER INLAND REVENUE (ZONE-III), LARGE TAXPAYERS UNIT vs NEW JUBILEE INSURANCE CO
Subject matter: Tax & Customs
Provisions referred to: Income Tax Ordinance

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 (ZONE-III), LARGE TAXPAYERS UNIT VS NEW JUBILEE INSURANCE CO. LIMITED Ss.26(a), 99, 122 (5A) & 133---Term 'subject to adjustment'---Amendment of assessment---Scope---Authorities withdrew the advantage given to taxpayer company on account of its associated company and revised the assessment order by making an addition to its tax assessment---Appellate Tribunal Inland Revenue deleted the addition made by the authorities---Validity---As per R.5 of 4th Schedule to Income Tax Ordinance, 2001, certain adjustments in computation of income were provided with regard to taxability of an insurance business, which alone could be considered and applied and not the other provision of Income Tax Ordinance, 2001, dealing with normal business, incomes and their computations---Term 'subject to adjustment' related to adjustment as provided under Rules of 4th Schedule to Income Tax Ordinance, 2001, only and did not speak of other adjustments made in the case of other normal/ordinary business---Jurisdiction of assessment/adjustment by department was restricted to the extent as provided under the relevant Rules of 4th Schedule to Income Tax Ordinance, 2001---High Court declined to interfere in the order passed by Appellate Tribunal Inland Revenue---Reference was dismissed, in circumstances.

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