COMMISSIONER OF INCOME TAX/WEALTH TAX COMPANIES ZONE, ISLAMABAD V e r s u s M/s. PAKISTAN MINERAL DEVELOPMENT CORPORATION, ISLAMABAD
Judge Name: Muhammad Munir Peracha & Judgment Result: Answer positive. Other Law Journal References: —-S. 26(c)–methodology of computing the profits and gains of business–tax payable regarding business of insurance and production of oil and natural Gas–exploration and extraction of mineral deposits–question of–whether on the facts and circumstances of the case the itat was justified in holding that the assessee’s income is assessable u/s. 62 r/w with section 26(c) and not u/s. 80(c) of the income tax ordinance 1979–section 26 deals with the methodology of computing the profits and gains in respect of three businesses of insurance, production of oil and natural Gas and exploration and extraction of mineral deposits other than oil and natural Gas–section 26(c) makes special provisions in respect of the above mentioned three businesses–if there are general provisions in a statute and also special provisions, covering certain situations, special provisions would prevail over general provisions–section 80(c) is general in nature whereas, section 26(c) makes special provisions regarding the business of exploration and extraction of mineral deposits other than oil and natural Gas–income tax tribunal was justified in holding that the assessee’s income is assessable u/s. 62 read with section 26(c) and not u/s. 80-c of the income tax ordinance, 1979.
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