COMMISSIONER OF INCOME TAX, SPECIAL ZONE, KARACHI versus DEWAN KHALID TEXTILE MILLS LTD., KARACHI
Section 50 (2A), 57, 65, 80B and 136 (2) Reference Reference Case Public Limited Company was a public limited company evaluating interest income, and its return was made by section 57 of the Income Tax Ordinance 1979. Was reviewed under. Because in return, the interest income on which the tax was deducted under section 50 (2A) of the Income Tax Ordinance 1979 was inadvertently declared in the head `Business income declared, while it was income tax. The ordinance came under section 80B of 1979. In the case of a legitimate Public Limited Company, Section 80B of the Income Tax Ordinance, 1979, was not applicable as interest income earned by such company had to be taxed on other taxes as approved by the Assessing Officer. The original order was subject to unlawful impairment and was a case of excessive relief or assessment at very low rates, which was reopened by the High Court under the provisions of section 65 (1) of the Income Tax Ordinance, 1979. had gone. ive ie in favor of the Department and against the Assisi \ r \ n
Related judgments — Karachi High Court Sindh, 2010
