I.T.AS. NOS. 189/LB TO 198/LB OF 1988-89, DECIDED ON 23RD FEBRUARY, 1995. versus I.T.AS. NOS. 189/LB TO 198/LB OF 1988-89, DECIDED ON 23RD FEBRUARY, 1995.
Income Tax Ordinance 1979 Section 31 (1) (b) and Schedule CL 103 (a) exempt income from cooperative societies to obtain such income, in whole and exclusively, at interest income expense derived from other sources. The purpose was considered under section 31 (1). B), the Income Tax Ordinance, 1979 1979 1979 is the only one that has been devised or fully spent for the purpose of earning such income, whichever expenditure is for the purpose of earning such income. Not fully and exclusively assessed, the officer, I agree perfectly with the submission that the total costs of the cooperative society should be divided by the taxable and exempt income ratio of the society or Reasonable expenses should be allowed to generate income.
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