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HANSA ENTERPRISES, SIALKOT versus REVENUE

Section 12 (18) of the CBR Circular No. 3, 1992, which was deemed to have been paid on 27 1 1992, was filed by the SCCC under the advice of the applicants for entries in the books of their accounts. Sister's concern for third parties on behalf of. The transaction, which appeared in the Assissee's ledger account, clearly indicated that the payment made by the sister concern was from the assessee, most of the payments to CBR Circular No. 3, Async's Reliance Banking channel. By a sister concern to a third party. The date of 27, 1992, 1992, was relevant, as stated by the circular, in section 12 (18) of the Income Tax Ordinance 1979, examining the fictitious loans and entries in the books of accounts by the amount of the assessee during the assessment year only. Had to do In terms of section 12 (18) of the Ordinance, 1992 93, can be included and considered as income when it has been claimed or received as a loan and in this case not in advance, The Assissee Assisi was able to demonstrate on the basis of copies of the ledger, which was earlier examined by the Assigning Officer, that the credit entries made in favor of the sister concern were neither claimed nor factual. The payments made by the sister by the Assessing the Debt Officer to such a lender were termed as "loans" and in advance But was not clarified because such payments cannot be considered irregular or derogatory for the purpose of the provisions of Section 12 (18). Income Tax Ordinance, 1979, Appellate Tribunal, Hala list of advocates from Matli lawyer