Find a Lawyer

COMMISSIONER OF INCOME TAX/WEALTH TAX versus ELLCOT SPINNING MILLS LTD.

Sections 50 (4) and 80C are placed in the machinery plant and the sale of the machinery and the acquisition of financing from the Modarba Finance Company through leaseback management by the Modarba Company withholding tax deducted property on such transactions. But the person responsible for deducting the tax under section 50 (4) of the Income Tax Ordinance, 1979, in the paper is not liable to deduct the tax under section 80, the sale and leaseback of the Government. There was no contract or supply. The Service, thus, does not apply to Section 50 (4) of the Income Tax Ordinance 1979. Such a transaction was not taken under Section 80C of Income Tax Ordinance 1979 when a person paid the amount. The payment was deducted from tax. Supply under section 80C (2) (a) (i) of the Income Tax Ordinance, then the deduction will be complete and final exclusion, machinery is unrestricted on the land in 1979. Lea property cannot be termed as goods. The essential component in the sale and supply transaction was the transfer of possession, which did not exist, in the present case such arrangement was neither sales nor supply, as there was neither buyer nor seller relationship nor demand and supply. Amendment, section 50 (4) (amendment) of the Income Tax Ordinance, 1979, made under the Income Tax Ordinance, 1979, its purchase and leaseback arrangements were not excluded from the scope of section 50 (4), thus , Pending cases will apply to the principles Pakistan, top advocate family court from Noor kot lawyer