Income Tax Ordinance (XXXI of 1979)‑‑‑

‑‑‑‑S.136‑‑‑Refereoce to High Court‑‑‑Surcharge‑‑‑Taxes payable could be termed as retained income for the purpose of levy of surcharge.

C.I.T. v. Messrs Habib Sugar Mills Ltd. 1993 PTD 343 rel.

Muhammad Ilyas Khan for the Revenue.

Mirza Anwar Baig for Respondent.

ORDER

NASIM SIKANDAR, J.‑‑‑This is a case stated by the Income Tax Appellate Tribunal, Lahore Bench for our opinion and answer. A question of law so framed reads as under:‑‑‑

"Whether on the facts and in the circumstances of the case the Tribunal was right in holding that taxes payable can be termed as retained income for the purpose of levy of surcharge?"

2. Both the learned counsel agree that the issue in hand finally stands disposed of and decided against the Revenue by the Hon'ble Supreme Court of Pakistan in a reported judgment re:. C.I.T. v. Messrs Habib Sugar Mills Ltd. 1993 PTD 343.

3. Accordingly answered in affirmative.

C.M.A./M.A.K./120/LReference answered.