Find a Lawyer

COMMISSIONER OF INCOME-TAX versus PIONEER CEMENT

Section 30, 31 (1) (b), 66A and 136 authorization to make claims for expenses. The question posed by the High Court in regard to the interest paid to the financial institution for the loan is whether the assessee is entitled to claim the expenses, ie the interest paid under section 31 (1) (b) of the Income Tax Ordinance 1979. The financial institution was entitled to deduct any amount that it had spent for the purpose of earning it, which was able to receive it under the Income Tax Ordinance, 1979, by interest on its reserves. Loans received also had to be paid on interest, and this was directly an expense incurred to earn interest and the assimilation under the relevant head. Madani was deducted from the question of standing in the same response. solicitors from Timergara lawyer