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Petitioner: COMMISSIONER OF INCOME TAX, ZONE "A" KARACHI VS Respondent: Messrs COMBINED INVESTMENT (PVT.) LTD. and 5 others
Court Name: Supreme Court of Pakistan Judge(s):Iftikhar Muhammad Chaudhry, Abdul Hameed Dogar, Sayed Saeed
Ashhad Title:COMMISSIONER OF INCOME TAX, ZONE "A" KARACHI vs Messrs COMBINED INVESTMENT (PVT.) LTD. and 5 others Case No.: Civil Appeals Nos. 1443-1447 of 1996 and 1009 of 2000 Date of Judgment:2006-04-25 Reported As: 2008 SCMR 622 Result: Appeal disposed of Judgment ORDER ' IFTIKHAR MUHAMMAD CHAUDHRY, C.J.---Learned counsel appearing for the appellants contended that the Department had not charged income tax on the deeming interest retrospectively but with effect from 1st July, 1976 as it has been provided in the Explanation-8 to section 4(1) of the Repealed Income Tax Act, 1922, therefore, instead of dilating upon other points of the case, the appeals may be disposed of with the observation that the tax will be charged by the Department from the respondent with effect from 1st July, 1976 on the interest of loan. 2. Mr. Iqbal Salman Pasha, learned counsel appearing for respondent in Civil Appeals Nos. 1443 and 1446 of 1996 had no objection if the appeals are disposed of in these terms. Order accordingly, the appeals are disposed of in view of the statement so made by the learned counsel for the appellants. No order as to costs.