CRESCENT JUTE PRODUCTS LTD. vs BANK ALFALAH LTD — 2023 CLD 108 LAHORE-HIGH-COURT-LAHORE

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

CRESCENT JUTE PRODUCTS LTD. VS BANK ALFALAH LTD. Deposit of amount in High Court---Investment in profit bearing schemes---Income tax deduction certificate---Petitioner deposited amount with respondent Bank in compliance of orders passed by High Court---After decision of the case, petitioner sought income tax deduction certificate from Bank regarding deductions so made---Validity---Amount deposited was invested in profit-bearing schemes as a remedial mechanism against inflation etc., and had support by the parties---Such deposited amount along with profits invariably followed disbursement thereof either to the decree-holder or on the basis of final outcome of the legal proceedings of the suit, to any of the parties as per final adjudication or settlement, if any, arrived at between them---High Court system was silent with regard to mechanism to resolve such issue and no direction could be issued to respondent Bank who was under no obligation to issue certificates of tax-deduction concerning earned profit on petitioner's deposited amount inasmuch as the same could only be issued in the name of account holder with description of particulars of the depositor along with the amount of deducted/ deposited tax---High Court directed Additional Registrar (Judicial) of High Court to obtain necessary certificates in his name as account holder---High Court further directed that those original certificates would be placed on and retained in suit file of every case and certified copy thereof be issued to the party concerned for the purpose of its presentation before income tax department, as and when so required---Constitutional petition was disposed of accordingly.

CRESCENT JUTE PRODUCTS LTD. vs BANK ALFALAH LTD — 2023 CLD 108 LAHORE-HIGH-COURT-LAHORE

Case information

Judgment text as reported

Other judgments reported in 2023 CLD