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---Exemption---Term deposits---Bank deposits---Taxpayer contended that tax was levied on exempt profit on debt by treating the profit attributable to call and term deposits treating the same outside the scope of exemption; and exemption under Cl.(74) of Part-1 of Second Schedule to the Income Tax Ordinance, 2001 was wide enough to include both profit on debt from bank accounts as well as from bank deposits---Revenue contended that term/call deposits were typically deposits held at a financial institution for a fixed term; and when a term deposit/call deposit was opened, the lender (customer) understands that the money could only be withdrawn after the term ended or by giving notice for a pre-determined number of days; and terms deposits/call deposits being time specific, the funds in such ...
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