COMMISSIONER OF INCOME-TAX, COMPANIES-I, KARACHI versus UNITED LINER AGENCIES OF PAKISTAN (PVT.) LTD,. KARACHI
Section 14 (1), 22 (c), 151, 136 (2) and Second Schedule, CL (72) Profit earned on Special Deposit Certificate under National Savings Schemes in terms of Total (72) of this Second Has claimed an exemption on such profits. Shedding of Income Tax Ordinance, 1979, but the appraisal officer treated "business" as a matter of section 22 (c) of the Ordinance Appellate Authority, after the Appellate Authority's approval of the exemption claim claimed by the Assistive Appellate Tribunal. The approval of the Special Deposit Certificates was owned by the Company of the Special Deposit Securities in the name of the assessee, and its assets in the balance sheet appeared to be exempt by the Company, but the Assessing Officer declined, according to the appellate authority. Referring to the question as an appellate authority's decision was rightly denied. He was. It was not allowed to raise the question that the interest / profit recipient was born by the order of the tribunal, no one else but the appraiser, who had invested the money in his account. Decided to reference the asset's favor
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