Case Laws / Head Notes / Paras
Super tax, levy of---Bonus shares---Petitioner was an assesse and aggrieved of imposition of super tax on his income from bonus shares---Full face value of bonus shares could not be included in ‘Income’ for purposes of ‘super tax’ by applying S.236-M(7)(ii) of Income Tax Ordinance, 2001 as tax levied on such value was a final tax and matter would fall within the scope of S.2(28A) of Income Tax Ordinance, 2001---‘Imputable income’ alone was to be included in ‘income’ for the purposes of ‘super tax’---Petitioner’s ‘income’ on such basis was well below threshold of Rs.500 million and no ‘super tax’ was payable by petitioner---Petitioner was not liable to pay any ‘super tax’ in terms of S. 4-B of Income Tax Ordinance, 2001---High Court quashed all demands, notices and proceedings (including, b...
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