COMMISSIONER OF INCOME-TAX, RAWALPINDI versus COLONY THAL TEXTILE MILLS LTD.
Section 15B (7) Tax Holidays Apply Section 15B (7) in the Spinning Section of Textile Mills established by the Thala Development Authority in July 1954, which was acquired by the Respondent Assessment and the Thale Development Textile Mills in September 1958. Enjoyed tax holidays for a period of five years. The Mutual Interest Authority did not claim any exemption in respect of tax holiday in its fifth estimating year in relation to the spinning section of Mills under Section 15B (7) in lieu of Assessment Year. I have claimed tax holiday. 1960 61 But the Income Tax Officer does not allow it on the basis that the tax holiday benefit was only available till the assessment year 1959 60 In the case of the Thala Development Authority, the fifth year was 1959 60, which would have been the year ending in the accounting year. On 30 3 1959 but since the respondents acquired the factory on 39 1959 and closed their accounts on 30 on 1959, the fifth assessment year was 19, 60 61 respondents were SCC.
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