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MESSRS COLIBRATIVE HEAVY INDUSTRIES (PVT.) LTD., LAHORE versus C.I.T./W.T., COYS ZONE-II, LAHORE

Section 12 (18) [Prior to Amendment] CBR Circular No. 6, 87 dated 5 7 1987 The balance sheet / balance shown in the balance sheet, which is treating such money as loans and considered income. The purpose of section 12 (18) was to control only fake loans in the Income Tax Ordinance, 1979. The amount of the shares can never be a loan amount to be repaid with or without interest after a certain and uncertain period, which the assessing officer can check, the exact nature of it. Can review. There is no business of receipt or entry revenue in the books of an account to increase or decrease its capital with the intention and purpose of a company and for that reason it is not decisive to register the books in the accounts of the company. Will be. Such money was paid as stock in a capital asset or trade. Existing shareholders will not be required to issue share deposit certificates, mentioning the word loan in such supply will exclude all such second or equivalent. Terms, the nature of the transaction or the receipt. Such provision shall apply to the fulfillment of the two conditions. First, there was a loan that was received by Essex. And secondly, it cannot be claimed or shown, neither can it be increased nor is the defense taken by the assessee, injecting such funds into the business and being used as capital principles. Cannot be rejected without a fact finding record of. ask a advocate free from Ziarat lawyer