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I.T.A. NO.1296/KB OF 2003, DECIDED ON 2ND NOVEMBER, 2004. versus I.T.A. NO.1296/KB OF 2003, DECIDED ON 2ND NOVEMBER, 2004.

Section 107 AA Tax Credit for Investment Estimator Estimates Tax Credit for Investment on Plant and Machinery Prior to July, 2000, the Assessment made Section 107AA of Income Tax Ordinance, 1979, from July 1, 2000 to 30 Tax credits were allowed to be invested for 10 minutes during the installation period between June, 2002 and not. This fact had nothing to do with the purchase of machinery, if purchased before June 2000 to July 2002 (the time limit) would still be eligible for tax credit under section 107AA of the Assessment Income Tax Ordinance 1979. , If it was installed within a fixed time period from July 1, 2000 to June 30, 2002, the installation period of the machinery was defective and any time prior to installation it was estimated to be abandoned. The tax credit investment in the purchase of machinery was deemed mandatory within the period set out under section 107AA of the Income Tax Ordinance, 1979, where there is no tax payable in respect of the assessment year. The Income Tax Ordinance was the first appellate authority of 1979, under which a specific period was provided under section 107AA of the Income Tax Ordinance, in which the income tax or machinery taxable year was very clear. Tax credits are not allowed because the plant and machinery were first purchased between July 2000 and June 30, 2002, before the fixed term. advocate from Garh More lawyer