Law: Income Tax Ordinance, 1979

Section: 12(7)

Keywords: Connotation, Credit Facility, Holders, Practice, Fixed Assets, Manufacture, Permissible Deductions, Computation Of Profits And Gains, Proceedings, Receipt, Parties, Disallowance, Representative, Interpretation, Evidence, Debentures, Original Documents, Principal Debtor, Allowable Deduction, Guarantor, Tax Liability, Bad Debts, Liquidation, Profits And Gains, Consideration, Impugned Order, Securities, Goods, Call, Default In Payment, Place, Privy Council, Claims, Liabilities, Trading, Business Loss, Loans, Protection, Dividends, Bank Loan, Inter Alia, Set Aside, Information, Customs, Creditors, Orders, Preservation, Guarantee, Surety, Depreciation, Contractual Obligation, Profits, Recovery, Appellate Tribunal, Finance, Rights Of Surety, Commission, Memorandum Of Association, High Court, Pledge, Expenses, Limited Company, Incidental To The Business, Bona Fide, Obligation, Question Of Law, Order, Directors, Payment, Government, Assessment Year, Creditor, Notice, Pre-Condition, Grounds, Manufacturing, Expenditure Incurred, Contract, Profit And Loss Account, Receiver, Dispute, Returns, Acquisition, Conditions, Defaulter, Plea, Contentions, Liability, Written Off, Capital Loss, Necessity, Provisions, Failure, Director, Money, Subsidiary, Examination, Deductions, Outstanding Amount, Private Company, Charging Of Interest, Legal Position, Third Party, Allowability, Loan, Property, Discharge, Balance Sheet, Income-Tax Officer, Selling ORDER [Per Farhat Ali Khan, Judicial Member.JThese three departmental appeals are directed against the two separate orders of learned Commissioner of Income Tax (Appeals) recorded by him on 23rd December, 1981 and 29th August, 1981. The first two appeals are directed against the former whereas the third is arising from the latter. Since common questions of law and facts are involved in all these three appeals, we propose to dispose them off by this single order. 2. The brief facts giving rise to these appeals are that E...... B..... M....... L.......... Hereinafter referred to as EBM was incorporated sometimes in 1965 with paid up capital of Rs. 20,00,000/-. However, it went on showing loss from the very outset of its business…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492