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COMMISSIONER OF INCOME TAX/WEALTH TAX versus MESSRS PAPERS AND BOARD MILLS

Section 12 (18) [Before its amendment to the Finance Act (III of 1998)] CBR Circular No. 6 of 1987, dated 5 7 of 1987, the amount of such loan and the account of the Assessment Company considered The balance sheet / books depicted in the balance sheet / section 12 (18) of the Income Tax Ordinance, 1979, for the purpose of which only fake loans could be overcome. The assessing officer can examine whether the amount of the shares can never be repaid with or without interest after a certain and uncertain period. Review the exact nature of the receipt in the account books and check that the revenue does not have to be made in a company's account books with the intention and intention of the company on account of the entries and reasons. The question will not be settled, whether the amount is paid as capital assets or the stockholders in the trade will not be required to issue share deposit certificates to all shareholders in such supply, all other terms and conditions of the transaction. Or the nature of the receipt will be excluded. Such provision shall apply to the fulfillment of the two conditions. 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. female advocates from Mandi Bahauddin lawyer