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MESSRS AES PAK GEN (PVT.) COMPANY, LAHORE versus INCOME TAX APPELLATE TRIBUNAL, LAHORE

Second Schedule, Part I, CL (176) and Section 30 Protection of Economic Reforms Act (XII of 1992), Section 5 (2) claiming private sector power projects immunity on interest income earned on its cash reserves. Exemption by Assemi Company In the case of foreign banks, only the resident companies had a claim waiver in respect of the interest received on the accounts held by the banks in the illegal banks outside Pakistan, in the present case, the deposits in the recognized foreign banks. Was obtained on the basis of the provisions of Section 5 (2), Section 30 of the Economic Reform Act, 1992, was not exempt for the purpose of obtaining an exemption under the Income Tax Ordinance 1979, it was merely the acquisition of interest income that was relevant Nor was the nature of the funds on which such income was made, nor the use of end-interest income related to the investment. Earning interest on labor and getting interest on reserves were two different concepts law websites from Khanqah Dogran lawyer