JUDGMENT:

SYED ARSHAD ALI, JUSTICE:---This Tax Reference as well as connected Tax References Nos.50/2007, 59/2007, 101/2007, 102/2007 and 103/2007 arise under the Income Tax Ordinance, 1979 (�Ordinance�) and relate to assessment years 1993-1996 and 1996/1997 to 2002/2003. The questions raised in this Tax Reference as well as connected References are somewhat common, therefore, we intend to dispose of all the references through the instant consolidated judgment.gt; Tax Reference No. 04/2006:-2. The respondent assessee is a company listed. in stock exchange and derives income as an investment bank. The present issue relates to the finance years 1996 to 1997 wherein; the respondent assessee has declared net loss at the rate of Rs. 19,672,600/-. The returns filed by the respondent/company was accompanied with a balance sheet and statement of accounts audited by M/s. FORD, PHODES, OBSON, MORROW, New Garden Town, Lahore.3. The crucial issue relating to adjudication of question of law raised in this pe...