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TELENOR PAKISTAN (PVT.) LTD. vs APPELLATE TRIBUNAL INLAND REVENUE, ISLAMABAD S — 2024 PTD 619 ISLAMABAD

Case information

Citation
2024 PTD 619 ISLAMABAD
Court
Islamabad High Court
Year
2024
Reporter
PTD
Parties
TELENOR PAKISTAN (PVT.) LTD. vs APPELLATE TRIBUNAL INLAND REVENUE, ISLAMABAD S
Subject matter
Tax & Customs
Provisions referred to
S. 20---D; 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

TELENOR PAKISTAN (PVT.) LTD. VS APPELLATE TRIBUNAL INLAND REVENUE, ISLAMABAD S. 20---Deductions in computing income chargeable under the head "Income from Business"---Actuarial loss---Scope---Taxpayer returned losses with the claim that its deductible expenses exceeded its taxable income---Taxpayer had deducted from its taxable income, actuarial loss on defined benefit of plans---Department, after issuance of show-cause notice, disallowed such deduction---Order-in-original was assailed before two appellate forums but to no avail---Validity---Actuarial loss was purely an estimation based provision, which had not been approved by any provision of the Income Tax Ordinance, 2001---Actuarial loss on defined benefits was not an allowable expense---Even no question of law was made out in this regard---Reference applications were dismissed.

Other judgments reported in 2024 PTD

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