COMMISSIONER OF INCOME-TAX, COMPANIES, LAHORE VS LOCUS TRADERS SHAN (PVT.) LTD., LAHORE
2001 P T D 2322
[Lahore High Court]
Before Nasim Sikandar and Jawwad S. Khawaja, JJ
THE COMMISSIONER OF INCOME‑TAX, COMPANIES, LAHORE
Versus
Messrs LOCUS TRADERS SHAN (PVT.) LTD, LAHORE
C. T. R. No. 102 of 1993, decided on 16/01/2001.
Income Tax Ordinance (XXXI of 1979)‑‑‑--
‑‑‑‑S.136‑‑‑Reference to High Court‑‑‑Question of fact‑‑‑Cost of freight and insurance‑‑‑Item of Profit and Loss Account of trading account‑‑‑Question whether the Tribunal was justified in holding that cost of freight and insurance is an item of Profit and Loss Account in spite of the facts that it was a direct expense and debitable to the trading account, did not raise any legal controversy‑‑‑High Court declined to answer the question.
1999 PTD 1329 rel.
Shafqat Mehmood Chohan for Petitioner.
Nemo for Respondent.
ORDER
NASIM SIKANDAR, J.‑‑‑This is a case stated by the Lahore Bench of the Income‑tax Appellate Tribunal, at the instance of the Commissioner of Income‑tax, Companies, Lahore. The following question has been framed for our consideration and answer:‑‑‑-
"Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that cost of freight and insurance is an item of Profit and Loss Account in spite of the facts that it is direct expense and debitable to the trading account."
2. After hearing the learned counsel for the Revenue, we will not take long to hold that the aforesaid question does not raise any legal controversy as earlier found by a Division Bench of this Court in 1999 PTD 1329 re: Commissioner of Income‑tax v. Anwar Enterprises, Sialkot. While disposing of as many as 461 P.T.Rs./petitions, the learned Division Bench concluded that these tax references did not raise any question of law arising from the orders of the Tribunal. Also in view of the introduction of presumptive tax regime by Finance Act, 1992, similar questions framed in these references were found to be of academic interest only.
3. Respectfully following the said order, we will decline to answer the question.
Answer declined.
C.M.A./M.A.K./C‑47/LAnswer declined.