ORDER

The appellant, in these four appeals, has pressed common grounds of appeal to question the action of CIT(A) in setting aside the impugned consolidated order under section 52 of the repealed Income Tax Ordinance, 1979 instead of annulling the same. The appellant-WAPDA, a statutory corporation created under the Pakistan Water and Power Development Act, 1958, issued bonds to raise funds. The profit payable on the bonds issued prior to 1-7-1991 was exempt from Income Tax under Clauses (79A) and (79B) of Part-I of the Second Schedule to the repealed Ordinance. The 4th to 7th issues of these bonds were floated after that date and the profit thereon was liable to tax. The appellant sold the bonds through a number of authorized banks. The bank branches deducted Income Tax @ 10% of the profit paid on the bonds as required under section 50(7D) of the repealed Ordinance. Some bonds were sold directly by the appellant to some Government Sectors Corporations etc. Tax was deducted by the appellant f...