ALLIED BANK LIMITED, LAHORE versus COMMISSIONER INLAND REVENUE, LTU, LAHORE
Sections 100A, 99 and Seventh Schedule, R1 Special provisions of banking accounting 39 and 40 Special provisions related to banking business Unrealistic loss on the non-recognition of taxpayer (bank) Schedule of Income Tax Ordinance, 2001; And from the tax year 2009, the seventh schedule of the Income Tax Ordinance, 2001 with Section 100A of the Income Tax Ordinance, 2001 was read, along with Section 100A of the Income Tax Ordinance, as far as income count and banks. In respect of the tax payable tax is concerned. The Department may make adjustments and additions to the net profit as per the calculation of books specifically mentioned in R1 (a) to R1 (h) of the Seventh Schedule of Income Tax Ordinance 2001. It said that according to the R1 (G) of the Seventh Schedule to the Income Tax Ordinance, 2001, it is unacceptable that the International Accounting Standards 39 and 40 mentioned in R1 (G) of the Seventh Schedule of the Income Tax Ordinance In 2001, there was no implementation in Pakistan and the dependence on the said principle was not mentioned in the Seventh Schedule of Section 100A of the Income Tax Ordinance 2001 or any role of Section 2001 of the Income Tax Ordinance. The Income Tax Ordinance read with the Seventh Schedule of 2001 was exactly as it was read with the Fourth Schedule to the Section 99 Income Tax Ordinance, 2001 the present issue has already been decided in favor of the taxpayers / banks. Well, the appellate tribunal ordered the removal of the addition
