I.T.AS. NOS. 1238/KB AND 1239/KB OF 1981-82,DECIDED ON 22ND NOVEMBER, 1987 versus I.T.AS. NOS. 1238/KB AND 1239/KB OF 1981-82,DECIDED ON 22ND NOVEMBER, 1987
Section 10 (2) (xvi) of the State Bank of Pakistan Act (XXXII of 1956), assessment of section 36 business expenses, a Scheduled Bank failed to fulfill its legal obligation to maintain a certain balance of funds by the State Bank of Pakistan. That is, such penalties were not in the nature of commerce-based expenditure due to commerce, nor was it necessary for such a violation of the mandatory supply of penal law imposed by the State Bank of Pakistan. It may be inferred that such business may be treated as such, and as a deduction in the scope of section 10 (2) (xvi). Allowed
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