MEGHNA PETROLEUM LIMITED Vs. COMMISSIONER OF TAXES
SUPREME COURT OF BANGLADESH
Meghna Petroleum Limited
COMMISSIONER OF TAXES
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A.T.M AFZAL,CJ. -
(1.) This appeal, by leave, at the instance of the assessee-company arises out of an Income-tax matter and is directed against the judgment and order dated 30-11-1992 passed by a Division Bench of the High Court Division in Application No.133 of 1991 filed by the appellant under section 160 of the Income Tax Ordinance, (XXXVI of 1984) deciding the questions of law referred to it against the appellant.
(2.) Material facts of the case are that, the appellant is a private limited company registered under the Companies Act, 1913 and established by the Bangladesh Petroleum Corporation, briefly BPC, a statutory Corporation established under the Bangladesh Petroleum Corporation Ordinance, 1974. The appellant was established by the BPC for the purpose of marketing its petroleum products. Both the appellant and the BPC are fully owned by the Government of Bangladesh. The shares of the appellant-company are subscribed in the names of the nominees of the Government of Bangladesh and BPC.
(3.) The appellant was assessed under section 23(3) of the Income Tax Act, 1922 for the accounting year ended on 30 June, 1981 and the assessment year 1981-82. The Deputy Commissioner of Taxes, Companies Circle-III, Dhaka (East Zone), while making the said assessment treated a sum of Taka 8,15,79,411.00 (disputed issue) as a windfall profit in the hands of the assessee-appellant and added the same to its total income.;
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