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Petitioner: COMMISSIONER OF INCOME-TAX VS Respondent: Messrs JAMES FINLAY
Court Name: Sindh High Court Judge(s): Wajihuddin Ahmed, Syed Sajjad Ali Shah Title: COMMISSIONER OF INCOME-TAX vs Messrs JAMES FINLAY Case No.: Income-tax Cases Nos.12 and 13 of 1990 Date of Judgment:1990-05-22 Reported As: 1992 PTD 338 Result: Question answered in the affirmative
JUDGMENT
JUDGMENT ' SAJJAD ALI SHAH, C.J.---In this Income-Tax case question which is pending for decision under section 136(2) of Income-Tax Ordinance, 1979 is as under:-- "Whether on the facts and in the circumstances of the case, the learned Income-Tax Appellate Tribunal was justified in holding that the tax liability or tax payable is requirement of working capital and, therefore, to be excluded from the total income for levy of surcharge." Both the learned counsel present state that this question, as it is, stands answered in affirmative in the case of Commissioner of Income-Tax v. M/s. Pakistan Tobacco Company Limited, reported in 1988 PTD 66, which is a decision of a Division Bench of this Court, as such this reference be disposed of in view of reported decision. Order accordingly. The question referred is answered in affirmative.