COMMISSIONER OF INCOME TAX, COMPANIES-I, KARACHI versus MESSRS NATIONAL BANK OF PAKISTAN, KARACHI
Section 27 Ordinance of Banking Companies (LVII of 1962), Security 29 Bank's claim for investment in public securities and treasury bills, sale of securities and treasury bills, profits earned on such sales, capital gains tax liability This type of investment will require completion. Such investment will be part of the bank's circulating capital, thus, the floating capital will not be excluded and will not be invested; The nature of the business will be in stock and will not be long term. The profits of the investment received on such sales will be taxed on the income / tax received on the income tax and will not be an investment.
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