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.

Moeen Qureshi for Petitioner.

Muhammad Ilyas Khan for Respondents

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. Therefore, even if no income by way of dividend has accrued still he is entitled to the expenses.

4. On the other hand, learned counsel for the Revenue argued that all the forums on the income tax hierarchy found that the petitioner failed to prove any nexus between loan and the interest to entitle him to claim admissibility for expenses and it being a question of fact cannot be interfered.

5. We have considered the respective submissions of the learned counsel for the parties.

6. It is clear from the material placed on the record and by examining of the impugned judgment that the Assessing Officer, the Income Tax Commissioner and Income Tax Tribunal found no nexus between the loan and the interest to determine the admissibility of the petitioner's claim for expenses. Undoubtedly, this is a question of fact on which concurrent findings have been recorded by all the forums below. We have not been able to persuade ourselves to take a different view. No question of law arises in our opinion.

7. For what has been stated above, these P.T.Rs. are dismissed having no merit.

M.B.A./A‑353/LReference declined