This income tax reference is filed under section 133(1) of the Income Tax Ordinance, 2001 (the Ordinance) seeking opinion of this Court on two questions of law stated to have arisen out of the order passed by Appellate Tribunal Inland Revenue, Lahore.
2. The issue involved in the case was the entitlement of the respondent tax payer to seek adjustment of minimum tax of Rs.37.028 Million in respect of tax years 2011, 2012 and 20 13 under section 113(2)(c) of Ordinance. The Additional Commissioner disallowed the credit to the tune of Rs.35.232 Million. The appeal filed by respondent tax payer before the Commissioner Inland Revenue (Appeals) was also dismissed. The Appellate Tribunal Inland Revenue, however , came to the conclusion that section 113(2)(c) of the Ordinance is beneficial in nature and was meant to reduce the burden of taxation in cases where losses have been suffered by the taxpayer . While accepting the appeal of the respondent taxpayer , the Appellate Tribunal inland Revenue accordingly declared that Section 113(2)(c) of the Ordinance is also applicable in cases where losses have been suffered and that benefit thereof cannot be disallowed to the respondent taxpayer .
3. The findings of the Appellate Tribunal Inland Revenue are rooted in law and, therefore, the questions framed by the appellant do not raise and legal issue requiring us to render our opinion thereon.
4. This reference application is accordingly dismissed. revisions by the competent authorities. Therefore, it is advisable to consult the official sources or legal professionals for the most up-to-date and accurate information.