HONG KONG SHANGHAI BANKING CORPORATION LTD. vs DEPUTY COMMISSIONER OF INCOME TAX Ss — 2022 PTD 310 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2022 PTD 310 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2022
Reporter: PTD
Parties: HONG KONG SHANGHAI BANKING CORPORATION LTD. vs DEPUTY COMMISSIONER OF INCOME TAX Ss
Subject matter: Tax & Customs
Provisions referred to: Banking Companies Ordinance (LVII of 1962)

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

HONG KONG SHANGHAI BANKING CORPORATION LTD. VS DEPUTY COMMISSIONER OF INCOME TAX Ss.61, 62, 135 & 136---Banking Companies Ordinance (LVII of 1962), Ss.41, 83(5) & 91-A---Loan to employees---Factual controversy---Appellant/taxpayer was a Banking Company and dispute was with regard to amounts advanced to its employees as loan---Validity---Income Tax Appellate Tribunal ignored examination of factual aspect that whether any expenditure was incurred by appellant/taxpayer or not in providing loan to its employees at concessional rate---Appellant/taxpayer claimed that amounts so given to employees were from non-interest bearing account or current account or reserve account, which required a factual examination of the matter---No such exercise was made in such behalf as until and unless it was shown or proved that amounts of concessional loans given to employees had any nexus with diversion of expenditure, it could not be claimed that a benefit was provided either at concessional rate or free of cost to the employees, when it was claimed by appellant/taxpayer that amount so advanced to employees was from separate identifiable funds either from current account or reserve accounts--- High Court remanded the matter to Income Tax Appellate Tribunal, as the matter pertained to ascertainment of factual controversy--- Appeal was allowed accordingly.

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