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Before Abdul Hayee Kureshi and I. Mahmud, JJ
MESSERS SAINRAPT & ET. BRICE, KARACHI‑Applicant versus
THE COMMISSIONER OF INCOME‑TAX (WEST), KARACHI‑Respondent
Income‑tax Reference No. 25 of 1970, decided on 12th March 1979.
(a) Income‑tax Act (XI of 1922)‑
‑‑ S. 24 (2) (1), (ii)‑‑Set‑off of carried forward loss‑Words "such business" in clause (it) of S. 24 (2)‑Held, not controlled or qualified by word "loss" but refer to and qualify words "in any other business" i. e. non‑speculative business‑Assesses‑Company carrying on businesses individually and also in partnership with other Company‑Apportioned carried‑forward share of loss in partnership business‑Held, can be set off against profits earned by assessee in its individual business [Abdul Aziz and another v. Muhammad Ibrahim P L D 1977 S C 422 and Stroud's Judicial Dictionary, 4th Edn. Vol. 5, p. 2662 not applicable].‑[Words and phrases].
Rais Pir Ahmed Khan v. Commissioner of Income‑tax, Lahore Zone Lahore 1975 P T D 70 ; Sitaram Motirarn Jain v. Commissioner of Income‑tax (1961) 43 I T R 405 ; Messers Wallem & Co. (Pak.) Ltd., Karachi v. Commis sioner of Income‑tax 1974 P T D 207 and Pheroze Ali v. Commissioner of Income‑tax (West), Karachi P L D 1978 Kar. 765 ref.
Abdul Azis and another v. Muhammad Ibrahim P L D 1977 S C 442 and Stroud's Judicial Dictionary, 4th Edn., Vol. 5, p. 2662 not applicable.
(b) Interpretation of statutes‑
‑‑ Amendment in law‑Consideration whether statute intended to alter law or to leave it exactly where it stood before‑Meaning of words should be considered in light of history of legislation and state of law at time statute passed.
It is well established that in the interpretation of statutes, the meaning of the words should be considered in the light of history of the legislation and the state of the law at the time the statute was passed, in order to consider whether the statute was intended to alter the law or to leave it exactly where it stood before.
Maxwell on Interpretation of Statutes, 12th Edn., p. 47 and Crates on Statute Law, 7th Edn., p. 126 ref.
J. H. Rahimtoola for Applicant.
Mansoor Ahmad Khan for Respondent.
Date of hearing : 21st February 1979.
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