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I.T.A. NO. 293/KB OF 1995-96, DECIDED ON 16TH SEPTEMBER, 2002. versus

Income Tax Ordinance 1979 Sections 15 and 2 (12) Ordinance of Banking Companies (LVII of 1962), Sections 7 (1) (a), 13 (1) (2), (4) and 29 Head Income Capital Asset Banking Companies Income from Government Securities Income earned from capital and business income Principles Determined if the investment in securities is made to meet the legal requirements of the State Bank of Pakistan, the sale of these securities Any loss or damage suffered by you will be considered as liable under head capital gains. And if securities are treated as stock in trade, banking companies were allowed to perform this function under section 7 of the Ordinance, 1962, then the gain or loss would be due to the overhead of business income. Under the calculation, the banking company can buy securities. For the purpose of dealing with securities or for investment purposes, determination of intention in this regard can be made by examining the circumstances in which the security was purchased when the security was purchased for purchase. It was again purchased as an investment in accordance with the legal requirements of Section 13 of the Ordinance of Banking Companies, 1962, which could be considered capital gain or loss whenever such securities are dealt with as a resultant gain or loss. Because these securities are not stocked in the trade. But as an asset to the company, the definition of capital asset provided for in section 2 (12) of the Income Tax Ordinance 1979 is fulfilled, if, on the other hand, the securities were purchased for the purpose of working in them, then maturity. If so, the proceeds from the government securities criminal advocate from Bagh lawyer