PAK LAW GPT — Pakistan Case Law AI justice scale emblemPAK LAW GPTCase law · Urdu & English

COMMISSIONER INLAND REVENUE vs DAWOOD ISLAMIC BANK LIMITED (NOW BURJ BANK) Ss — 2022 PTD 1474 KARACHI-HIGH-COURT-SINDH

Case information

Citation
2022 PTD 1474 KARACHI-HIGH-COURT-SINDH
Court
Sindh High Court
Year
2022
Reporter
PTD
Parties
COMMISSIONER INLAND REVENUE vs DAWOOD ISLAMIC BANK LIMITED (NOW BURJ BANK) Ss
Subject matter
Tax & Customs
Provisions referred to
S. 122; S. 108; Income Tax Ordinance

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

COMMISSIONER INLAND REVENUE VS DAWOOD ISLAMIC BANK LIMITED (NOW BURJ BANK) Ss.133, 108 & 109---Transactions between associates---Recharacterisation of income and deductions---Scope---Question before High Court was whether the Appellate Tribunal was justified to delete the addition made by Assessing Officer on account of interest on the advances/disbursement to a company by the respondent-Bank---Finding of the Appellate Tribunal reflected that apparently the Assessing Officer under some misconception had treated the re-payment of the deposits of company as loan advanced by the Bank to company without charging of interest/mark up and worked out the same as per formula adopted by him in his amended assessment order under S.122(5) of the Income Tax Ordinance, 2001 by treating it as income chargeable to tax under S.108/109 of the Income Tax Ordinance, 2001---Assessing Officer was confronted by the Tribunal with such factual aspect and his wrong treatment to such a transaction but he was unable to give satisfactory explanation to support such treatment given by him in his order---No Question of law was apparently in the matter---Reference application, being misconceived, was dismissed.

Other judgments reported in 2022 PTD

Back to the case-law library · Search Pakistani case law in Urdu or English