Find a Lawyer

C.I.R., ZONE-II, L.T.U., KARACHI versus NAQSHBANDI INDUSTRIES LTD., KARACHI

Sections 66 and ?? (a) (b) sell loss of assets ? interest income income interest income loss due to a loss on the sale of assets in the local market because the first appellate authority created the sale of assets in the local market Allowed to eliminate business loss. It was claimed against the Department of Interest Revenue that the taxpayers declared receipts for exports and the deduction tax on exports was the final exclusion of tax liabilities. In addition to exports, taxpayers suffered losses on settlement of assets in the local market and taxpayers had interest income and loss on the sale of fixed assets was claimed as an expense against interest income. In the past, the entire income was from exports and interest income was estimated under section 39 of the Income Tax Ordinance, 2001 was income from other sources and only expenses under section 40 of the Income Tax Ordinance 2001. Could have been allowed and if there was no modest business income, business loss could not be determined. Accurate taxpayers sold fixed assets in the local market and suffered losses and there was no dispute about the fact or the taxpayers also had an opinion of the authority assessing the interest income fixed in the local market. Losses on the sale of assets cannot be counted as the business does not have revenue and the loss should be made part of the export. The Assessing Authority's position was wrong and contrary to the law where there was no business during the year. Taxation Officer Expenses Wage

Related judgments — Inland, 2011

• RAKHSHANI BUILDERS, QUETTA v. CIR (APPEALS), HYDERABAD 2011 PTD 2758
• PREMIER SUGAR MILLS & DISTILLERY CO. LTD., MARDAN v. ASSISTANT COLLECTOR (ADJUDICATION), PESHAWAR 2011 PTD 2770
• DAWOOD CAPITAL MANAGEMENT LIMITED, KARACHI v. ADDITIONAL COMMISSIONER INLAND REVENUE-D, LTU, KARACHI 2011 PTD 2772
• MODEL STEEL ENTERPRISES (PVT.) LTD., LAHORE v. COLLECTOR OF CUSTOMS, CENTRAL EXCISE AND SALES TAX (ADJUDICATION), LAHORE 2011 PTD 2788
• MEHR DASTGIR TEXTILE MILLS LTD., MULTAN v. COLLECTOR SALES TAX, MULTAN 2011 PTD 2822
• COLLECTOR OF SALES TAX, FAISALABAD v. SUN RISE FOOD INDUSTRY, FAISALABAD 2011 PTD 20
• AFTAB SOAP FACTORY (PVT.) LTD., FAISALABAD v. C.I.T., R.T.O., FAISALABAD 2011 PTD 36
• CIR LTU-ISLAMABAD v. RASTGAR ENGINEERING CO. (PVT.), ISLAMABAD 2011 PTD 168

All Inland judgments of 2011 →

tax advocates from Killa Abdullah lawyer

Talk to a Lawyer Free · replies in minutes