Law: Income Tax Ordinance, 1979

Section: 23,23(xxi),24(g)

(a) Income tax--- ----Provision for ball debt---Addition of---Assessee, a Bank---Assessing Officer was directed to accept the appellant/bank's -claim of bad debts being the issue having finally settled by the Appellate Tribunal and the orders of two forums below were vacated. 1991 PTD 569; 2003 PTD (Trib.) 228; (2002) 85 Tax 245 (Trib.); I.T.A. No.1066 to 1073/LB, 1084 to 1091/IB of 2004, rel. (b) Income tax--- ----Income---Transactions---Assessee, a Bank---Accounting entries as a result of adoption of a certain method of accounting system by taxpayer was not the determining factor alone for certain transactions to become income but each case had to be distinguished by its own facts and circumstances. I.T.As. Nos. 306, 308 of 1999 and 785 of 2000 rel. (c) Income tax--- ----Income accrued as a result of method of accounting---Assessee, a Bank---Where income actually had not been received but had accrued as a result of the method of accounting adopted by the assessee, same will not constitute income. (d) Income Tax Ordinance (XXXI of 1979)---S.23---Deduction---Assessee, a Bank---Mark-up in suspense account (Non-performing loans)---Addition of---Outcome of amendment in S.23 of the Income Tax Ordinance, 1979 was realization by the legislature to provide relief to such legitimate claims of hardship, where actually no income had arisen to the assessee---Amount of mark-up in suspense account was liable to taxation merely on the basis of accounting +.entries---Addition made to assessee's income of the amount of mark-up placed in suspense account was ordered by the Appellate Tribunal to be deleted. 1992 SCMR 1652; 1993 SCMR 73; (2002) 85 Tax 245 (Trib.); I.T.A. No.3432/IB of 2000; I.T.A. No.2127/IB of 2000; I.T.As. Nos.341 to 340/IB of 2002 and I.T.As. Nos. 69 and 70/PB of 2001-02 ref. (1962) 46 ITR 144 and I.T.As. Nos. 306, 308 of 1999 and 785 of 2000 rel. (e) Income Tax Ordinance (XXXI of 1979)--- ----S.23(xxi)---Deduction---Assessee, a Bank---Deletion of additional mark-up in suspense account---Appeal on the issue had no merit as the provisions of S.23(xxi) of the Income Tax Ordinance, 1979 stood amended w.e.f. 1-7-2000 by which a banking company was entitled for…

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