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Petitioner: THE COMMISSIONER OF INCOME TAX VS Respondent: HABIB INSURANCE CO. Ltd.
Court Name: Sindh High Court Judge(s): Saleem Akhter, Imam Ali G. Kazi Title: THE COMMISSIONER OF INCOME TAX vs HABIB INSURANCE CO. Ltd. Case No.: I.T.R. No,4 of 1982 Date of Judgment:1989-05-18 Reported As: 1989 PTD 1247 Result: Reference answered in affirmadive
JUDGMENT
JUDGMENT ' SALEEM AKHTAR, J.--The respondent is a public limited company which carries on life and general insurance business. For the assessm ent year 1973-74 it had made a provision for taxation to the extent of Rs,28,00,000 This amount was added back by the Income-tax Officer as inadmissible under Section 10 of the Income Tax Act. In appeal the Appellate Assistant Commissioner deleted the same which was maintained by the Tribunal. The Department then filed application under section 66 (1) and the following question has been referred:-- "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in deleting the add-back of Rs,28,00,000 claimed by the assessee-company on account of provision for taxation or taxation reserve which is inadmissible under section 10 of the Income Tax Act." This question came up for consideration before us and by Judgment in Commissioner of Income Tax (Central) Karachi v. Mercantile Fire and General Insurance Company Limited 1989 PTD 142 we have answered in the affirmative. Following this judgment we answer this question in the affirmative. .
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