1. ' SALEEM AKHTAR, J.-- On the consideration made by the department the Tribunal has referred the following question:- ' Whether on facts and in the circumstances of the case the learned Income Tax Appellate Tribunal was justified in directing the Income Tax Officer to charge the additional tax under section 18-A (6) only for 15 months, holding that the amendment made by the Finance Act, 1973 in section 18-A (6) has retrospective effect?"
2. ' The Income Tax Officer had charged penal interest under Section 18-A (6) at the rate of 2% per mensem from 1-7-1971 to 29-6-1974. The respondent filed appeal before the Appellate Assistant Commissioner of Income Tax who allowed it and directed that penal interest should be charged for a period of fifteen months as the operation of the amendment made under section 18-A (6) by the Finance Act, 1975 was with retrospective effect. The Department challenged the decision before the Tribunal which upheld the said order. On an application made by the applicant the a fore stated question has been referred to this Court.
3. ' We have heard Mr. Shaikh Haider and Mr. Nizam Ahmed for the Official Liquidator. From the order dated 5-9-1988 it seems that Mr. Nizam Ahmed had raised the objection that the reference cannot proceed unless permission in terms of section 3 (1)6 of the Companies Ordinance is obtained. In this regard Mr. Shaikh Haider had referred to sections 76 and 159 of the Income Tax Ordinance, 1979, Today Mr. Nizam Ahmed has conceded that in view of section 159 of the Ordinance no permission is required.
4. Both the learned counsel have stated that the a fore stated question was considered in 1987 PTD 739, in which after exhaustive discussion the answer was given in the affirmative. We have examined the judgment and have no reason to take a different view. We therefore, respectfully follow the judgment and answer the question in the affirmative.