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KARACHI SHIPYARD AND ENGINEERING WORKS, KARACHI versus A.C.I.R.-B, AD-I, L.T.U., KARACHI

Section 40 and ??? ()) deductions in the calculation of income receivable under the head of income from other sources Debt Capital Interest Income Interest Adjustment in interest paid on the debt capital against the income taxpayer claimed that the taxation officer. Was justified in subjecting the total amount to no bank deposit. The termination of interest paid on interest paid on a loan made by a bank on which the profit was made and the non-part of the expenditure on profit making was also returned to the appellate authority so that Verify whether or not it is proportional. Bank Deposit was charged with interest expense and whether or not it was allowed against business income. And further directed that after determining the realistic position, the proportionate interest expense against interest / profit on bank deposits may be allowed to the extent that the borrower uses the money to earn interest income. And the Assessing Officer made sure that the taxpayers claimed that he had earned more money by depositing more business funds into the bank, indicating that if all interest expense was allowed, Loans should be allowed on the capital. The taxpayers had outstanding business funds on which they earned interest income and no interest expense would be justified against such interest income. Interest expense was allowed against such interest income. No, the appellate tribunal had previously vacated the appellate authority's order. The problem mentioned above

Related judgments — Inland, 2013

• MUHAMMAD YASEEN v. C.I.R., AUDIT ZONE-III, R.T.O.-III, KARACHI 2013 PTD 87
• IGI INSURANCE LIMITED, KARACHI v. C.I.R., AUDIT DIVISION II, L.T.U., KARACHI 2013 PTD 116
• LATIF KNITS, KARACHI v. C.I.R.(ENF) RG-II COLL S.T. & F.E., KARACHI 2013 PTD 158
• SAMSOL INTERNATIONAL (PVT.) LTD., LAHORE v. COLLECTOR OF SALES TAX AND FEDERAL EXCISE (APPEALS), LAHORE 2013 PTD 181
• C.I.R. (LTU), LAHORE v. F.M.C. UNITED (PVT.) LTD., LAHORE 2013 PTD 205
• FAUJI OIL TERMINAL AND DISTRIBUTION COMPANY LTD., KARACHI v. COMMISSIONER INLAND REVENUE (APPEALS-I), LARGE TAXPAYER\'S UNIT, KARACHI 2013 PTD 214
• ANWAR ENGINEERING WORKS, KARACHI v. COLLECTOR OF SALES TAX 2013 PTD 228
• C.I.R., LD, LTU, KARACHI v. Dr. ZULFIQAR H. TUNIO 2013 PTD 235

All Inland judgments of 2013 →

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