| Case ID |
3933a3d4-ea2c-4029-9155-16f34ded8108 |
| Body |
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| Case Number |
Tax Reference Nos. 65 of 1973 |
| Decision Date |
Mar 04, 1991 |
| Hearing Date |
Mar 04, 1991 |
| Decision |
The court dismissed the reference petition regarding Question No.1 as not pressed and answered Question No.2 in the negative. The court noted that the learned Income-tax Appellate Tribunal did not rightly reject the assessee's claim for exemption of dividend income received from Tax-Holiday Profits of Ismail Cement Industries Ltd. The court highlighted previous judgments that supported the position of the assessee regarding the exemption under section 15-BB of the Income Tax Act, 1922. |
| Summary |
In the case of Tax Reference Nos. 65 of 1973, the Lahore High Court addressed critical issues under the Income Tax Act, 1922, particularly focusing on the exemption of dividend income from tax-holiday profits. The court examined whether the Income-tax Appellate Tribunal had correctly rejected the claim for exemption under section 15-BB. The ruling emphasized the importance of previous case law, including Commissioner of Income-tax and others v. Mst. Surriya Farooq, which clarified the interpretation of tax exemptions related to dividend income. The case underscores the complexities of tax law and the significance of legal precedents in shaping tax obligations for corporations. Legal professionals and tax experts should note the implications of this ruling for future tax-related disputes, particularly those involving tax-holiday profits and exemptions. |
| Court |
Lahore High Court
|
| Entities Involved |
Ismail Cement Industries Ltd.
|
| Judges |
M. Mahboob Ahmad, CJ,
Malik Muhammad Qayyum, J
|
| Lawyers |
Muhammad Amin Butt,
Muhammad Ilyas Khan
|
| Petitioners |
Messrs Nasir Mughis Ltd., Lahore
|
| Respondents |
Income Tax Officer, Companies Circle VII, Lahore
|
| Citations |
1991 SLD 154,
1991 PTD 874,
(1991) 64 TAX 117
|
| Other Citations |
1987 SCMR 1297,
PLD 1982 Kar. 470,
PLD 1982 Kar. 847
|
| Laws Involved |
Income Tax Act, 1922
|
| Sections |
15,
15-BB
|