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COMMISSIONER OF INCOME TAX vs GRAYS LEASING LTD — 2022 PTD 951 LAHORE-HIGH-COURT-LAHORE

Case information

Citation
2022 PTD 951 LAHORE-HIGH-COURT-LAHORE
Court
Lahore High Court
Year
2022
Reporter
PTD
Parties
COMMISSIONER OF INCOME TAX vs GRAYS LEASING LTD
Subject matter
Tax & Customs
Provisions referred to
S. 12; Income Tax Ordinance (XXXI of 1979); 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 OF INCOME TAX VS GRAYS LEASING LTD. Ss.133(1) & 161---Income Tax Ordinance (XXXI of 1979), S.12(19)---Lease rental income---Scope---Dispute was with regard to assessment of lease rental income under S.12(19) of Income Tax Ordinance, 1979 on actual receipt basis and not on accrual basis---Validity---Assessee could not claim depreciation, initial and normal and simultaneously seek exclusion of receivable rentals from the ambit of deemed income---Lease rentals under S.12(19) of Income Tax Ordinance, 1979, were received and receivables and were to be deemed income of assessee to be accounted for while submitting return of income---High Court set aside judgment passed by Appellate Tribunal Inland Revenue and matter was remanded for decision afresh by the Tribunal---Reference was allowed, in circumstances.

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