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COMMISSIONER (LEGAL DIVISION) INLAND REVENUE vs KOHINOOR SOAP AND DETERGENTS (PVT — 2024 PTD 162 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2024 PTD 162 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2024
Reporter
PTD
Parties
COMMISSIONER (LEGAL DIVISION) INLAND REVENUE vs KOHINOOR SOAP AND DETERGENTS (PVT
Subject matter
Tax & Customs
Provisions referred to
S. 239; S. 107AA; 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 (LEGAL DIVISION) INLAND REVENUE VS KOHINOOR SOAP AND DETERGENTS (PVT.) LTD. Ss.133, 221 & 239---Reference---Tax adjustment---Authorities were aggrieved of order passed by Appellate Tribunal Inland Revenue justifying tax claim entitlement of taxpayer---Validity---Provision of S.239(15) of Income Tax Ordinance, 2001, provided that S.107AA of Income Tax Ordinance, 1979, (since repealed) would continue to apply until 30-06-2002---Tax-credit available from pervious assessment year could be adjusted on or after 30-6-2002 which was in conformity with spirit of S. 239(15) of Income Tax Ordinance, 2001---Tax credit was an entitlement linked with making of an investment, and a tax-payer would become entitled to it as soon as an investment as provided in S.107AA of Income Tax Ordinance, 1979 (since repealed) or for that matter under Ss.107 & 107A is made, whereas its adjustment and deduction in computation of tax payable was a matter of assessment proceedings---Right to claim tax credit came into existence with the making of investment in the purchase of plant and machinery and actual deduction from the tax payable was a matter of implementation only---Respondent / taxpayer was fully entitled to adjust available tax-credit from assessment year 2002-2003, which was available under Income Tax Ordinance, 1979, (since repealed) in its return for tax-year 2003, filed and finalized under Income Tax Ordinance, 2001---High Court declined to interfere in the order passed by Appellate Tribunal Inland Revenue---Reference Application was dismissed accordingly.

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