205/2023 I.T.R.A M/S ELAHEE BUKSH & COMPANY PVT. LTD (Applicant) V/S ADDITIONAL COMMISSIONER & OTHERS (Respondent)

Sindh High Court2024

Bench: Hon'ble Chief Justice Mr. Justice Muhammad Junaid Ghaffar, Hon'ble Mr. Justice Jawad Akbar Sarwana(Author)

205/2023 I.T.R.A M/S ELAHEE BUKSH & COMPANY PVT. LTD (Applicant) V/S ADDITIONAL COMMISSIONER & OTHERS (Respondent) Sindh High Court Bench: Hon'ble Chief Justice Mr. Justice Muhammad Junaid Ghaffar, Hon'ble Mr. Justice Jawad Akbar Sarwana(Author) Order Date: 05-SEP-24 Profit accrued on loan advanced by Associate Company is liable to tax under Section 18(1)(d) read in the light of Chapter VIII of the ITO, 2001, dealing with Anti-avoidance with specific provisions on transactions between Associates and recharacterization. ITRA Dismissed. Division Bench Judgments of this Court and Lahore High Court dealing with loans advanced by the Director of the Taxpayer Company to the company based on fiduciary duty are distinguished.

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205/2023 I.T.R.A M/S ELAHEE BUKSH & COMPANY PVT. LTD (Applicant) V/S ADDITIONAL COMMISSIONER & OTHERS (Respondent)

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