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COMMISSIONER OF INCOME TAX, COMPANIES-I, KARACHI versus N.I.T. LIMITED

Section 2 (12), 80d & sec Schedule, CL (104) declares non-inclusion of receipts from capital gains, sale of shares in its business through Assisi (NIT Ltd.), as Receipts cannot be included in the business for the purpose. Charges under Section 80D of Income Tax Ordinance 1979 are limited to gross receipts from sale of goods only and sale of capital assets is not extended. Charges against Section 80D of Income Tax Ordinance 1979 The waiver given was in the nature of the background and would be attracted to the principles of the pending action

Related judgments — Karachi High Court Sindh, 2010

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• EMEN TEXTILE through Sole Proprietor v. HABIB BANK LIMITED 2010 CLD 547
• MUHAMMAD AYUB v. MUHAMMAD SHAFIQUE 2010 CLC 551
• Dr. RUBINA MANGI v. PROVINCE OF SINDH through Chief Secretary 2010 PLC(CS) 552
• METAL CONSTRUCTION OF GREECE S.A. through Attorney v. OWNERS OF THE VESSEL M.V, LADY REA 2010 CLD 554
• Mst. HALIMA TAHIR v. Mst. NAHEED EJAZ 2010 MLD 554
• AKHTAR HUSSAIN v. ABDUL WAHEED 2010 YLR 558
• MUSLIM COMMERCIAL BANK LTD. (M.C.B.) v. WORLD AUTOMOBILES through Proprietor 2010 CLD 558

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