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I.TAS. NOS.896/KB, 897/KB, 898/KB, 899/KB AND 900/KB OF 1987-88, DECIDED ON 16TH APRIL, 1995. versus I.TAS. NOS.896/KB, 897/KB, 898/KB, 899/KB AND 900/KB OF 1987-88, DECIDED ON 16TH APRIL, 1995.


The second schedule of the Income Tax Ordinance 1979, CL (125) Waivers Industrial Under-Taxing ACC, a company, itself stated before the Income Tax Officer and Appellate Assistant Commissioner that a sister registered firm had been manufacturing hosiery clothes for the past several years. Busy That its industrial unit was set up by a registered firm and that the industrial plan claimed to be owned and managed by the Essex Company, which was formed and registered under the Companies Registered Company Act, 1913, in Pakistan. Which includes machinery and building. In the appeal, the said firm was purchased from the Hold Appellate Assistant Commissioner, who erred in asserting that his income was eligible for exemption under CL 125 of the Second Schedule, Income Tax Ordinance 1979.

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