Mr. Adnan Haider Randhawa successfully represented Askari Bank in the writ petitions challenging super tax. The IHC after declaring section 4C of the Income Tax Ordinance, 2001 ultra vires has stopped short of striking section 4C down. Instead, it has made it non-operative (read down) in 6 situations (1. final tax, 2. exempt income, 3. carry forward losses, depreciation, amortization, 4. petroleum and exploration sector, 5. TY 2022 retrospectivity, 6. 10% discriminatory rate for 10 industries/sectors). In all other cases, super tax will be applicable under section 4C, though.
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