Law: Income Tax Ordinance, 1979

Section: 136

Income Tax Ordinance (XXXI of 1979)].....S.136 Reference to High Court Interest paid on loan by the assessee Claim for admissibility of same as expenses Question of fact Assessing Officer, Income Tax Commissioner and Income Tax Appellate Tribunal had found no nexus between the loan and interest to determine the admissibility of assessee's claim for expenses Such being a question of fact on which concurrent findings had been recorded by the forums below, High Court declined to answer the Reference. ORDER P.T.Rs. Nos. 2 and 3 of 1994 arise out of an order passed by the Income Tax Tribunal, Lahore on 22 12 1992, therefore, the same are being disposed of by a single order. 2. The petitioner derived income from the property dividend and interest. The petitioner secured loan from Bank of America to the tune of Rs.2,21,000 on which interest was paid to the amount of Rs.23,785 and Rs.4,341 respectively for the assessment years 1979 80 and 1980 81. Loan from National Bank of Pakistan was secured to the extent of Rs.5,10,000 a sum of Rs.71,338 for the year, 1979 80 and a sum of Rs.75,278 for the year, 1980 81 was paid respectively as an interest expenses. 3. Learned counsel for the petitioner argued that the wealth statement furnished by him clearly indicates that loan obtained by him was invested in the share of the companies.…

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