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I.T.A.~NO.126/KB OF 1999-2000 versus I.T.A.NO.126/KB OF 1999-2000

Section 23 (vii) Foreign Exchange Regulation Act (VII of 1947), section 20 (3) was a public limited company reviewing the allowable deduction interest / markup fines and penalties, which proceeds from the payment of crude oil in various petroleum products. Assisi used to pay extra money to the state for delay in depositing the Bank of Pakistan Counterpart Rupees Fund and claiming such expenses as an expenditure under his claim / financial compensation head was not allowed. Given that it is valid as a penalty imposed by the State Bank of Pakistan on payment of surplus automatically This was only achieved through accounting and accounting issuance and the State Bank did not resort to the provisions contained in the exchange rules. The act of imposing a civil or criminal penalty, 1947, was not in the nature of a fine or in violation of any legal law in exercise of the discretion exercised by the competent authority as a result of a fine order by a competent authority. Was gone Neither the payment was in the nature of a fine nor solely for the consideration of the business, nor was it an additional payment for the consideration of Germany, an allowable one under section 23 of the Income Tax Ordinance, 1979 Was the expense, which was excluded by the appellate tribunal famous high court advocate from Bunner lawyer