THE COMMISSIONER OF INCOME TAX, GUJRANWALA ZONE, GUJRANWALA Versus M_S. WAQAR TRADING COMPANY, SIALKOT

C.I.T. No. 49 of 1994, decided on 14th February, 2001.

ORDER

NASIM SIKANDAR, J.-- This is a case stated by the Lahore Bench of the Income Tax Appellate Tribunal framing following questions of law for our consideration and reply:-

(i)Whether on the facts and in the circumstances of. The case the learned Income Tax Appellate Tribunal was justified in directing that while computing the income of the assessee, C.I.F. Sales be adopted?

(ii)Whether learned Income Tax Appellate Tribunal was justified in giving the above directions to adopt CIF sales in spite of provisions of sub-section (3) Section 32 of the Income Tax Ordinance, 1979 when the assessee's trading results are discarded by the Income Tax Officer?

2.At the outset the learned counsel for the revenue agrees that the issue in hand already stands resolved by a Division Bench of this Court in a case reported as (1999) 79 Tax 283 Re: Commissioner of income Tax v. Anwar Enterprises, Sialkot. Through that judgment, it was concluded that similar question framed and referred at the instance of the Revenue were not question of law needing our opinion.

3.Following the rule of consistency, we will also hold that both question as framed are not of law and therefore decline to answer them. revisions by the competent authorities. Therefore, it is advisable to consult the official sources or legal professionals for the most up-to-date and accurate information.

Judges on this bench

Jawwad S. Khawaja1,549 judgments
Nasim Sikandar954 judgments