PACKAGES LIMITED versus COMMISSIONER OF INCOME-TAX
Section 10 (2) (iii) and (xvi) Constitution of Pakistan (1973), Article 185 (3) assessee asserts that he has deducted interest on the loan for import of machinery by the Income Tax Officer. Rejected the claim on the basis that the interest was previously invested through the production phase, however, it allowed a 10% reduction in value during one year during the installation and use of the machinery because of the income tax. The decision to benefit the officer's interest assessment confirmed the revenue streams. The Tax High Court answered in the affirmative as to whether the facts and circumstances of the case were permissible for the Income Tax Appellate Tribunal not to allow interest on loan loan for import of certain machinery under section 10. (2) (iii), the Income Tax Act, 1922
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