DOLLAR EAST EXCHANGE CO. (PVT.) LTD., GUJRANWALA versus C.I.R, R.T.O, GUJRANWALA
Section 122 (5A), 120 (1), 24, 39, 56 and 57 amendments to the State Bank's circular FE 9, 2002, CL4 reviews that interest income on the restoration of 25% paid-up capital Assessment of Rate Income With Legal Liquidity Reserve (SLR) State Bank of Pakistan - Income from Other Sources The taxpayers contend that the rules and regulations issued under the State Bank Circular FE9 of 2002 Accordingly, the taxpayer company is required to maintain 25% of its holdings. The State Bank has no valid approved public securities and the State Bank's form in the form of a State Bank. The capital legally paid as a liquidity reserve will increase the existing account and SGLA facilities, as well as the interest of the taxpayer upon such submission to the State Bank. Will Pakistan; and according to Circular FE9, the taxpayer company could not do any business other than the business authorized by the State Bank of Pakistan which was listed in the company's Memorandum and Article of Association. And without the establishment of a legal liquidity reserve with the State Bank of Pakistan, the company could not even do currency exchange business. And since, interest was paid to taxpayers as well as the \ rate difference income was also an integral part of his business activities, which is allowed by the State Bank of Pakistan, being a regulatory authority, Such income was his business income and cannot be estimated. Income from other sources under section 39 of the Income Tax Ordinance 2001
