COMMISSIONER OF INCOME TAX, COMPANIES ZONE, ISLAMABAD vs FAUJI FOUNDATION LIMITED Ss — 2023 PTD 1590 SUPREME-COURT

Case information

Citation: 2023 PTD 1590 SUPREME-COURT
Court: Supreme Court of Pakistan
Year: 2023
Reporter: PTD
Parties: COMMISSIONER OF INCOME TAX, COMPANIES ZONE, ISLAMABAD vs FAUJI FOUNDATION LIMITED Ss
Subject matter: Tax & Customs

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, COMPANIES ZONE, ISLAMABAD VS FAUJI FOUNDATION LIMITED Ss. 22 & 30---Fauji Foundation---Income from interest on Bank deposits---Whether such income is to be considered and taxed as 'income from other sources' or as 'income from business'---Held, that respondent-taxpayer/Fauji Foundation is a welfare trust which derives income from business activities for undertaking welfare projects---Essentially it utilises income earned from its investments for the collective benefit of the beneficiaries of the Foundation---Hence, it is the business of the Foundation to invest in business to raise income, for the purposes of its welfare projects---Foundation can invest in industrial undertakings or otherwise, and any surplus income from these undertakings are to be utilized for the benefit of the Foundation's beneficiaries---In this context interest from bank deposits is also surplus income, used to carry out the objectives of the Foundation---Hence, it is business income and not income from other sources---Petitions for leave to appeal were dismissed and leave was refused.

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