Full Judgment Text & Judicial Ruling

Court Name: Supreme Court of Pakistan Judge(s): Abdul Qadir Sheikh, S. A. Nusrat Title:PAKISTAN PROGRESSIVE CEMENT INDUSTRIES LTD. (Now National Cement

Industries Ltd.) vs THE COMMISSIONER OF INCOME TAX CENTRAL ZONE, KARACHI Case No.: Civil Petitions Nos. 31-K to 33-K of 1985 Income-tax References Nos. 114/115 Date of Judgment:1986-02-11 Reported As: 1987 SCMR 139 Result: Leave granted Judgment ORDER S. A. NUSRAT, J.--Leave to appeal is granted, inter alia, to examine the contention whether on the facts and circumstances of the case the amount of interest paid by the petitioners on the purchase price to Dalimia Cement Factory Limited could be deemed to have been incurred wholly and exclusively for the purpose of business under section 10(2)(xvi) of the Income-tax Act, 1922 and could be allowed as such. Security Rs.5,000 in each case.

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