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I.T.AS. NOS.4206/LB AND 4207/LB OF 2004, DECIDED ON 26TH NOVEMBER, 2004. versus I.T.AS. NOS.4206/LB AND 4207/LB OF 2004, DECIDED ON 26TH NOVEMBER, 2004.

Section 12 (18) Returns the capital balance that was due on a different date from the capital account to meet the personal expenses and pay taxes, on income considered to be accrued or originated in Pakistan. Such amount was capitalized. In the terms of Section 12 (18) of the Income Tax Ordinance, 1979, the firm was previously excluded by the appellate authority's department on the grounds that such positive capital would be considered a contribution of the association members. Is in the capital account of. Once the withdrawal of the firm comes to the point where the positive investment result is zero, then any return will be equal to the loan received from the firm's capital account and the greater the partner will be able to ensure his own contribution. As used in this sentence, Section 12 (18) of the Income Tax Ordinance 1979 shall be termed as loan or advance. Additional loan or advance injection by a member / partner of the firm may be considered or the Association of Members. Source withdrawal of more than the contribution to their capital is a normal business activity under which section 12 (18) of the Income T The ordinance, did not attract 1979. There is no law clause that shows that the firm's member (s) / partner (s) will be refunded for personal expenses through a cross-check drawn on a bank or firm. Prohibits the receipt of income tax from the partner's personal account by any means. Personal drawings of the member partners cannot be considered a loan or advance from the firm because such funds were adjustable in their shareholding profits. This fur famous high court advocate from Nilore lawyer