COMMISSIONER OF INCOME TAX/WEALTH TAX, COMPANIES ZONE, PESHAWAR versus SHARIK INTERNATIONAL (PVT.) LTD., HATTAR
References to Sections 2 (11) (29), 14 (1), 22, 30 and 136 were the questions involved in this matter, whether the interest earned on deposits by the assessee company on the bank was a business income. The demand for advice from the tax liability department was that while the Assisi company was engaged in the manufacture and sale of textile products and detonators, any interest that could be incurred by the investment made in the bank or the financial Had achieved. The company must be income from other sources on which it is responsible for paying tax. On the other hand, is the income from the business, which is accumulated in a business, from the business? Is income. In accordance with the provisions of Section 22 of the Income Tax Ordinance, 1979, and was not liable for the Income Tax under these circumstances, interest earned on such deposits will necessarily be deducted from other sources. Section 30, where no difference is made, whether the investment in the bank or financial institution was made from the income earned by the business or by any other means, without such justification, special As when there was no alliance in the pursuit of interest. The manufacture or sale of textile products and detonators was the revenue from such other sources, which was taxed li r \ n
Related judgments — Peshawar High Court NWFP, 2012
