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SITARA CHEMICAL INDUSTRIES LTD versus DEPUTY COMMISSIONER OF INCOME-TAX

Sections 62 and 12 (12) of the Companies Ordinance (XLVII of 1984), Sections 284, 285, 286, 287 and 288 of Pakistan (1973), Article 199 constitutional petition filed by two publicly listed companies, applicant, transfer company , Its return income, which depicts the assets of the transferred company as the assets of the applicant in accordance with the provisions, indicated that the court approved the immigration scheme by the High Court Immigration Order on a company-based basis. Was transferred to another company. The book value and the transfer company re-evaluated the transferred assets The difference between the price of the legitimate market and the sale / purchase price The officer assessing the income of the assets issued a notice under section 62, Income Tax Ordinance 1979, Spare money can be saved. Created by the aforementioned company, in fact, the fair price value and the difference in the assets of the company acquired at the cost of the transfer company are the CE / book value, why the reserve and writing created according to the transfer books The difference in price should not be included in the total income of the transfer company under section 12 (12) of the Income Tax Ordinance 1979. The issuance of a notice by a litigation officer cannot be called without jurisdiction and legal authority. The entire system will be disturbed by any order preventing the Assessing Officer from asking any question or deciding any question which is under his legal responsibility and power. Income Tax Ordinance, 1979, which the High Court has barred the applicant from doing so, in these cases, the case must file its response to the notice supported by the law and the assessment advocates from Kotli lawyer