COMMISSIONER OF INCOME TAX versus NATIONAL REFINERY LIMITED, KARACHI
Section 23 Permissible Deduction Scope Penalty or fine state-owned company from which to generate income, import of crude oil under a loan from a foreign bank by a company estimating the payment of crude oil, on the guarantee of the State Bank of Pakistan. Submission of counter-counter-rupees fund to the State Bank within the stipulated period for the late payment of the loan amount under paragraph 44 of the Fourteenth XII of the Foreign Exchange Manual by the State Bank for the overpayment by the State Bank. Assisi claims to have expenses incurred by the company, penalties or In the case of fines or in the nature of fines or penalties, the total expenditure incurred due to the violation of the provision of any law by any deduction shall not be allowed, but in the nature of fines or penalties. No, to be allowed as an allowable deduction, provided that it is fully and exclusively incurred for the purpose of business, excessive amounts are set aside for delays or default charges, if any If paid or compensated by the Assisi, it will not be considered a penalty or fine, Payment of overpayments for delayed payment of delays will not be considered as fine or penalty if it is done automatically, without any separate action and order initiated and discretionary use by the competent authority in breach of any agreement. Damages or compensation paid exclusively for business purposes were those expenses which were paid by the Assamese Company to such an amount
Related judgments — Karachi High Court Sindh, 2010
