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GENERAL BANK OF NEDERLAND versus COMMISSIONER OF INCOME TAX

Section 42 (l) Ordinance of Banking Companies (LVII of 1962), Section 13 Rules of Banking Companies, 1963, R 5 Assissee, which is outside the registered office of unregistered company, engaged in banking business in Pakistan. Due to the non-compliance with the requirements of Section 13, Ordinance of Banking Companies, 1962, the banking business could not be continued in Pakistan, under which the Assisi was transferred to the US national in the United States while preparing audit reports. Some securities were to be submitted with the ban. Said securities were shown as interest payments, but remarked that the assessee was not liable to tax as per the assessee, however, interest amount as part of the income during the relevant year of assessment. Includes section 42 (l) of income tax purposes that were not taxed under the interest accrued by Assisi's Head Office from securities deposited outside Pakistan. tax advocates from Talhur lawyer