Case Laws / Head Notes / Paras
Income Tax Ordinance (XLIX of 2001)---Ss.113, 120 & 122(5A)---Turnover---Sale of assets and scrap---Scope---Company deriving income from telecom and broadband services--- Minimum tax, charging of---Scope---Officer Inland Revenue charged the taxpayer/company minimum tax on sale of assets and scrap which charge was deleted by the Commissioner---Department assailed later order before the Appellate Tribunal Inland Revenue ('Tribunal')---Stance of the OIR was that the sale of any item with view to earn profit qualified for inclusion of the same in the turnover and sale of fixed assets was also part and parcel of taxpayer's business activity---Validity---Scrap was generated, which was sold, only to reduce the cost of material consumed in the manufacturing process; further, scrap churned out ...
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