COMMISSIONER OF INCOME TAX/WEALTH TAX, LAHORE ZONE-B, LAHORE versus MESSRS ALI CHICKS POULTRY BREEDINGS FARM, LAHORE
Section 23 (1) (vii) The assessee's deduction was that he had funds of his own and also borrowed from various entities and invested in special deposit certificates, which income was declared exempt from taxation. Was. Assisi had claimed investment from other sources, including the source and the borrower's certificate, and thus claimed interest on the loan as financial expenses incurred in the account of further profits and losses, but the Assistant Assistant Officer And failed to satisfy the First Appeal because of financial charges after the Appellate Tribunal acted on high court decisions in connection with the investment of its funds for the purchase of certificates and not from borrowed money. Extension deleted. , Had rightly concluded that in accordance with the requirements of Section 23 (l) (vii) of the Income Tax Ordinance, 1979, it was acceptable to the taxpayer.
Related judgments — Lahore High Court Lahore, 2006
