ORDER SHEET

IN THE HIGH COURT OF SINDH AT KARACHI

I.T.A. No.154 of 1998

                                                                                                                   Date                       order with signature of Judge                            

 

FOR REHEARING.

 

13/10/2009.

M/s Siraj-ul-Haq and Arshad Siraj, Advocates for the appellant.

Mr. Jawaid Farooqui, Advocate for the respondent.

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            Following question of law has been raised in this appeal.

 

            Whether in the facts and circumstances of the case, the learned Income Tax Appellate Tribunal has correctly interpreted Section 17 read with Section 32 and Section 50 of the Income Tax Ordinance, 1979 in respect of chargeability of interest on Securities on accrual basis instead of receipt basis?

 

 

            Learned counsel for the appellant at the out set has relied upon a Division Bench’s judgment of this Court in the case of HABIB BANK LTD. KARACHI V/S COMMISSIONER OF INCOME TAX, KARACHI (2009 PTD 443) and has contended that the question raised in this appeal is fully covered by the said judgment.

 

            Learned counsel for the respondent does not dispute the fact that the question raised in this appeal is covered by the aforesaid reported judgment of this Court and states that it may be answered accordingly and appeal may be disposed off in terms thereof.

 

Consequently, the question raised in this appeal is answered in accordance with the aforesaid judgment of this Court and appeal is disposed off accordingly.

 

Copy of this order be sent to the Registrar, Income Tax Appellate Tribunal.

 

 

 

       J U D G E

                                                                                                           

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