MESSRS PAK SAUDI FERTILIZER LTD., KARACHI versus COMMISSIONER OF INCOME TAX, KARACHI
Section (31 ()) Claims under capital head interest in the purchase of national fund bonds outside of the borrower's capital, therefore denying any claim that the income from such bonds was exempt from taxation. Thus, the expenses incurred on obtaining such income were not valid. The officer did not inspect the cash flow position on the day when national fund bonds were purchased so that the tribunal had such liquidity on such date. The position can be ascertained, before determining the facts of the facts before dismissing the claim under interest / interest ratio. The investment was actually made for the purchase of national funds whose borrower bonds could not be set aside without any clause, resulting in a claim of proportionate interest to the valuation officer against the issuing officer. Proportionate disputes were not allowed. \ \ r \ n
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