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Petitioner: Messrs HOMES LIMITED, Karachis VS Respondent: THE COMMISSIONER OF INCOME TAX JUDGMENT
Court Name: Supreme Court of Pakistan Judge(s): Zaffar Hussain Mirza, Abdul Qadir Sheikh, S. A. Nusrat Title:Messrs HOMES LIMITED, Karachis vs THE COMMISSIONER OF INCOME TAX
JUDGMENT
Reported As: 1985 SCMR 1801 Result: Order accordingly Judgment JUDGMENT ABDUL KADIR SHAIKH, J--After we heard the learned counsel for the parties at some length they agreed that this petition may be converted into an appeal and the impugned order of the High Court, dated 21-11-1984 may be substituted by the interim order of this Court, dated 20th March, 1985 as modified by the application filed by the learned counsel for both the parties in Court today. We, therefore, convert this petition into an appeal and allow the appeal and set aside the impugned order of the High Court and direct that pending final disposal of the constitution petition filed by the appellant in the High Court, namely, Constitution Petition No. 727-D of 1984, the impugned demand from appellant-Company shall be held in abeyance, subject to appellant furnishing a bank guarantee to the extent of 50 per cent of the demand and executing security for the balance amount to the satisfaction of the Nazir of the High Court within one month. The bank guarantee to be furnished by appellant shall provide for its encashment unconditionally in case the Constitution Petition in the High Court is dismissed. This, however, is not meant to bar the further legal remedies that may be available to appellant against the order or judgment of the dismissal of the aforesaid Constitution Petition. The parties are left to bear their own costs.
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