Income Tax Appellate Tribunal
2006
THLN 1162
2006 PTD 882 | (2005) 92 TAX 1
Laws Cited
Income Tax Ordinance, 1979 | Income Tax Rules, 1982 | Banking Companies Ordinance, 1962
Sections
23,23(vii),24,24(i) | 20 | 25,25(a),25(3),25(4),25(6),83,84

VS

Petitioner(s) by: Iqbal Naeem Pasha and Nadeem Ahmed Dawoodi
Respondent(s) by: Muhammad Farid, Legal Advisor, Ali Hasnain, D.R. and Javed Iqbal Rana, D.R.
Present: S. HASAN IMAM, JUDICIAL MEMBER S.A. MINAM, JAFRI, ACCOUNTANT MEMBER
ORDER

The assessee a non-resident Banking Company, in this appeal pertaining to assessment year 1985-86, has taken following objections to the impugned order, dated 22-8-1987:--"That the learned CIT(A) has erred in:(i) remanding the case to the learned ITO regarding disallowance of specific provision for bad/doubtful debts amounting to Rs.742,652;(ii) confirming the disallowance of specific provision for "loss on account of frauds" amounting to Rs.159,695;(iii) confirming the order regarding disallowance of expenditure of Rs.730,215 on "leave fair assistance";(iv) confirming the disallowance of Rs.292,182 as "proportionate head office charges" by invoking Rule 20 of the Income Tax Ordinance, 1979;(v) confirming disallowances of penal interest aggregating to Rs.330,158;(vi) confirming the order treating gain of Rs.60,050 realized on Government securities as revenue gain, and(vii) confirming the disallowance of bifurcated interest expenses of Rs.1,439,616".DISALLOWANCE FOR SPECIFIC PROVISION F...

2006 THLN 1162
Income Tax Appellate Tribunal
(2006 PTD 882 | (2005) 92 TAX 1)

PRESENT:
S. HASAN IMAM, JUDICIAL MEMBER
S.A. MINAM, JAFRI, ACCOUNTANT MEMBER

Petitioner(s) by: Iqbal Naeem Pasha and Nadeem Ahmed Dawoodi.

Respondent(s) by: Muhammad Farid, Legal Advisor, Ali Hasnain, D.R. and Javed Iqbal Rana, D.R..

Law: Income Tax Ordinance, 1979
Sections: 23,23(vii),24,24(i)

Law: Income Tax Rules, 1982
Sections: 20

Law: Banking Companies Ordinance, 1962
Sections: 25,25(a),25(3),25(4),25(6),83,84

Disclaimer / Note: We have reproduced the judgment for facilitation of readers; however, the readers must study the original or certified copy of the above said judgment before referring it in any Court of Law. The judgment as reproduced above is a reported judgment available in law magazines and journals namely: 2006 PTD 882 | (2005) 92 TAX 1