Income tax receipt from the Exchange of Members Advance against the Allotment of Sections 69, 34 (2) and 122 (1) (5) of the Exchange, asserted that such advance tax was not eligible as it was a liability. ? Until then, the said money was returned to the member. That consideration should be adjusted for allocation of offices to members. That the assessing officer considered such a development to be irreversible. Until then the offices were allotted to the concerned members, such amount was nothing but a liability. And the receipts from it were mere receipts and not revenue. Since there was a lack of revenue base characters, Assisi then subjected this place to payment of money recognized for transfer to his members even though Assisi declared these sums to be advanced but the fact remains. That these quantities were nothing but the consideration received for the allotment of the premises was refundable only in exceptional circumstances if the premises allotment was canceled such transaction as the sale was received. In the year under consideration and as the Assisi maintained the accounts on an annual basis and these amounts were subject to the exchange under the year and were subject to taxation in the year under consideration, the amount received for all practical purposes. That Skasey had. And alone it was to be used in its own way and in case it was deemed appropriate and appropriate, if the members were refunded, then the reviewer would be free to pay as his business expenses. Will claim the money.
Related judgments — Income Tax Appellate Tribunal Pakistan, 2010
