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COMMISSIONER OF INCOME-TAX, CENTRAL ZONE, LAHORE versus TAUHEED ELAHI

The Income Tax Ordinance 1979 Section 136 referred to the Hydrogenated Vegetable Oil Industry Act (Control and Development) Act (LXV of 1973), Section 26 High Court Scope, was an oil trading company in a limited company holding shares. Was taken over by the government. Issuance of Notice of Receipt of Minimum Guarantee Return by Assisi to Receive Minimum Guarantee Returns by the Government as Substitution of Bonds for the Compensation of Oil Mill, issued a Notice under Section 34, Income Tax Act, 1922 Due to which the Assisi fails to indicate different. The amount of each year received under the Vegetable Oil Industries Act, 1963, is estimated to represent a minimum guaranteed return in the form of compensation and, therefore, is not represented as income but is comfortable. And the quiet benefit, was rejected. The minimum guaranteed return was received by the agreement as a substitute for the indebted bond, and the capital city tribunal found the fact that the tax recognized that the money received by the assessee was a substitute for the bonds. Revenue claims that the amount received was an amount of income on bonds that was not paid to Assessment Revenue, which was not eligible. Contrary to the facts found by the Tribunal, it was considered as questioning that the money received by the Assissee was of a capital nature and the Tribunal's reply was rejected by the non-taxable taxpayer. power of attorney advocate Nankana Sahib lawyer