| Procedures amended to give effect to
the newly included section where the tax paid is final
tax.
Sub-section (4), which defined the procedure for taking
credit of income on account of tax deducted as final
discharge of tax liability, is proposed to be withdrawn.
According to the sub-section a restriction was imposed
on taking credit in excess of imputable income worked
on the basis of tax deducted. This provision was against
the order of the Honourable Supreme Court of Pakistan
in case of M/s. Ellahi Textile Mills.
The effect of the proposed amendment would be that
if in case there is no material difference between credit
claim and imputable income and it is proved that the
excess credit is from the same source, no addition can
be made on account of un explained investments under
section 13 of repealed Ordinance (Section 111 of new
Ordinance).
|
Mr. Riaz Ahmed
