| Case ID |
2c0115ea-539b-4557-a064-1055173b47ed |
| Body |
View case body. Login to View |
| Case Number |
Civil Appeal No.263-K of 1991 |
| Decision Date |
May 18, 1992 |
| Hearing Date |
|
| Decision |
The Supreme Court of Pakistan upheld the decision of the High Court of Sindh, allowing the claim for set off against the income tax assessment based on the investment in Special National Fund Bonds. The court ruled that the assessment orders did not attain finality as they were subject to appeal, allowing the respondent to benefit from the provisions of Circular 9 of 1985. The court emphasized that all assessments and re-assessments are part of a continuous legal proceeding, thus the orders could not be deemed final until all legal remedies were exhausted. |
| Summary |
This case involves the interpretation of the Income Tax Ordinance, 1979 and specifically the provisions of Circular 9 of 1985 regarding set off against income for investments in Special National Fund Bonds. The Supreme Court examined whether the assessment orders had been finalized, ruling that ongoing appeals meant the assessments were not final. The court's decision confirmed that taxpayers could claim benefits under the law, promoting compliance and the conversion of black money into legitimate income. This case is significant for its implications on tax law and the rights of taxpayers in Pakistan, particularly in relation to the treatment of investments in government bonds. Keywords include Income Tax Ordinance, set off, Special National Fund Bonds, tax compliance, legal proceedings, and tax benefits. |
| Court |
Supreme Court of Pakistan
|
| Entities Involved |
Not available
|
| Judges |
AJMAL MIAN,
SAJJAD ALI SHAH,
SALEEM AKHTAR
|
| Lawyers |
Mrs. Rashida Patel, Advocate-on-Record for Appellants,
Rehan Hassan Naqvi, Advocate Supreme Court,
M.S. Ghaury, Advocate-on-Record for Respondent
|
| Petitioners |
CENTRAL BOARD OF REVENUE and others
|
| Respondents |
CHANDA MOTORS
|
| Citations |
1993 SLD 223,
1993 SCMR 39
|
| Other Citations |
PLD 1957 SC (Ind.) 448,
Commissioner of Wealth Tax v. Vimlaben Vadilal Mehta (1984) 145 ITR 11,
FA. Khan v. The Government of Pakistan PLD 1964 SC 520,
Chatturam and others v. Commissioner of Income Tax, Bihar (1947) 15 ITR 302,
R.K. Garg v. Union of India and others 1982 SCC (Tax) 30
|
| Laws Involved |
Income Tax Ordinance, 1979
|
| Sections |
Second Schedule, cl. 172
|