ANSARI SUGAR MILLS LTD. versus COMMISSIONER OF INCOME TAX, KARACHI
Sections 12 (9) and First Schedule Cls (108), (118D) Sections RO 1283 (I) / 90, Date 30 12 1990 Ordinance of Companies 1984 (XLVII of 1984), Sections 2 (20) and 251 (I) Bonus shares were announced on 30 1 1997 by the Company's Annual General Meeting (AGM) tax holiday, taken by the Company under the first Schedule to Income Tax Ordinance 1979, section R1212 (I) / 90, Which had to be taxed on 30 12 1990 1990. According to Section 12 (9) of the Income Tax Ordinance 1979 and Section 251 (1) of the Companies Ordinance 1984, bonus shares such as company earnings will be treated as bonus shares on AGM's history. Earlier this year, the five-year tax holidays by the Company from the Schedule to Income Tax Ordinance 1979 (118D) ended on 22 22 1996, from the tax paid by the total of the first Schedule (108) of the Ordinance. The exception was 1 year. No special exemption was received during the period from 1997 to 30 6 2001 to 1 7 1995 to 30 6 1997, eliminating the dividend given in section 2 (20) of the Companies Ordinance, 1984, thus, 30 1 1997 Its approval in the AGM to be held will be considered as the announcement of the first schedule of this year's schedule (108) and the date of its earnings. The Income Tax Ordinance, 1979, was not ex-officio, therefore, the Assisi Company was entitled to its benefits after considering the first assessment year after the expiry of the tax holiday, on which the assessee company's principles were exempt. Could not be given.
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