PAK LAW GPT — Pakistan Case Law AI justice scale emblemPAK LAW GPTCase law · Urdu & English

NISHAT CHUNIAN LTD. vs COMMISSIONER INLAND REVENUE, LTU, LAHORE Ss — 2025 PTD 1448 INLAND REVENUE APPELLATE TRIBUNAL OF PAKISTAN

Case information

Citation
2025 PTD 1448 INLAND REVENUE APPELLATE TRIBUNAL OF PAKISTAN
Year
2025
Reporter
PTD
Parties
NISHAT CHUNIAN LTD. vs COMMISSIONER INLAND REVENUE, LTU, LAHORE Ss
Subject matter
Criminal

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

NISHAT CHUNIAN LTD. VS COMMISSIONER INLAND REVENUE, LTU, LAHORE Ss. 18, 21(n), 37 & First Sched., Pt. I, Division VII---Income from business---Deductions not allowed---Capital nature of expenses---"Expenses on sale of shares of subsidiary company"---Scope and effect---Officer Inland Revenue (OIR) made addition of the expenses on sale of shares of subsidiary company ('expenses-in-question') holding that the expenses claimed were not wholly and exclusively for business purpose---Department filed appeal as the Commissioner Inland Revenue (Appeals) ('the Commissioner-Appeals') deleted the disallowance holding that expenses incurred on the sale of shares had not been charged against business income---Validity---Taxpayer / Company claimed the expenses-in-question being cost of disposal of shares against the consideration received---Under the head capital gain, the taxpayer / company deducted the cost from the consideration to reach the value of capital gain---Since shares were held for more than one year, hence capital gain was exempt for tax year 2012 given the slab rates prevalent at that time as per Division VII of Part I of First Schedule of the Ordinance 2001---The Commissioner - Appeals rightly deleted the impugned addition under this head which does not warrant any external intervention---Appellate Tribunal Inland Revenue upheld the impugned order on issue-in-hand---Appeal, filed by the Department, was dismissed.

Other judgments reported in 2025 PTD

Back to the case-law library · Search Pakistani case law in Urdu or English