COMMISSIONER OF INCOME TAX, COMPANY ZONE, ISLAMABAD versus MUSLIM COMMERCIAL BANK LTD.
Sections 15, 17, 32 and 65 (2) Income counting securities and income from the business or business of the assessee, a bank income tax appellate tribunal held that interest on securities was assessable on the basis of ordinary business income. Not as its separate head. The income under section 17 of the Income Tax Ordinance was upheld by the High Court upheld the order passed by the Income Tax Appellate Tribunal, 1979, for the count of income set out in section 17 of the Income Tax Ordinance, 1979 An exception was provided under section 32, 1979, which included section 17 (1) (a) of the Income Tax Ordinance, 1979 the High Court correctly stated that it was permissible to adopt the method of bank accounting which Was a hybrid and was used permanently by banks. Income Tax Ordinance 1979, interest and business income on securities were classified as separate heads for the purpose of calculating tax liability and gross income, respectively (Section 15 of the Income Tax Ordinance, 1979). The charter section for interest on securities under B) and (D) was section 17 of the Income Tax Ordinance 1979, and the income tax on business or profession income was section 22 of 1979, irrespective of the two heads. Should be evaluated separately whether the interest rate on the securities was obtained as part of the Assistive Appeal business?
