COMMISSIONER OF INCOME-TAX, COMPANIES-1 KARACHI versus PREMIER BANK LIMITED, KARACHI
Sections 10 (2) (xvi) and 10 (1) of the State Bank of Pakistan Act (XXXIII of 1956), section 36 allowable deductions were estimated by the banking companies when interest was required on penal interest basis because of the assimilation. Has failed to maintain the required level. Therefore, such expenditure was not assessed in the nature of a fine, but in the nature of a fine, and, thus, deductions made under section 10 (2) (xvi) or section 10 (1) cannot be deducted. Income Tax Act, 1922
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