COMMISSIONER (LEGAL) INLAND REVENUE versus EFU GENERAL INSURANCE LTD.
Sections 3, 67, 99, 100A and Fourth Schedule RR 5, 6A&9 Income Tax Ordinance (1979), Section 24, 26 and Fourth Schedule RR5, 8 Income Tax Act (XI of 1922), Sec. 10 (7) and the First Schedule Insurance Ordinance (XXIX of 2000), Section 3 Income Tax Rules, 2002, R 13 The Company's insurance business and taxability scope derivative from ordinary business are treated separately from such two classes. was done. Profit and benefits may not be applicable in the case of insurance business The profits and profits of the insurance business will be calculated as per the procedure laid down in Schedule IV of the Income Tax Ordinance 2001 as its special clause prevails over its general provisions. ? The fourth schedule of the Income Tax Ordinance, 2001, did not talk about recovering any expenses; the insurance company would be taxed as a unit, therefore, against the insurance business and the usual business exempt income. Unrecognized costs will not be estimated. Like other profits of the insurance business, the insurance company's major profit or profit income was adopted by the Federal Board of Revenue in 1988, the concept of one business unit of insurance and counting its revenue as a rule. Will The special provisions of section 99 read with the rules contained in the fourth schedule of the Income Tax Ordinance 2001, cannot be construed as computation and taxation in the ordinary course of business. Section 67 of the Income Tax Ordinance 2001 is illegal and Will be completely. Against the concept of achieving its profits and benefits under the Fourth Schedule under its principles
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