HABIB CREDIT & EXCHANGE BANK LIMITED versus DEPUTY COMMISSIONER OF INCOME-TAX
Income Tax Ordinance 1979 Section 136 Ordinance of Banking Companies (LVII of 1962), Under Section 13 Appeal to High Court Banking Company, Ordinance of Banking Companies, 1962 Income Tax Appellate Tribunal did not apply its mind As such, it did not consider all aspects of the matter as to whether the amount would be considered a capital asset. In the open market, which was held by the banking company for the purpose of earning revenue by selling the same, the appellate tribunal did not present any plausible or just cause for vacating the commissioner's income tax (appeal) discretion. Was to be examined. The purpose of deciding whether the investment or income represented by the tribunal that was not sought for investment could not be sustained with the use of the mind in accordance with the law. The High Court set aside the tribunal's order and in this case Income tax remand was given to the Deputy Commissioner on the matter of deciding / treating the matter.
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