https://www.taxtmi.com/caselaws?id=49335 The Supreme Court upheld the High Court's decision regarding the taxability of receipts under the Debtor and Creditor (Occupation Period) Ordinance. It ruled that repayments towards principal amounts were not taxable, while interest payments were taxable. Deductions were allowed only for interest payments, not principal amounts. The court rejected the application of the principle of "approbate and reprobate," emphasizing that income must be taxed based on statutory provisions, not equitable doctrines. The appeals were dismissed, and the High Court's directions on payment appropriation were affirmed. en-us Mon, 26 Oct 1964 00:00:00 +0530 Wed, 18 May 2016 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49335 The Supreme Court upheld the High Court's decision regarding the taxability of receipts under the Debtor and Creditor (Occupation Period) Ordinance. It ruled that repayments towards principal amounts were not taxable, while interest payments were taxable. Deductions were allowed only for interest payments, not principal amounts. The court rejected the application of the principle of "approbate and reprobate," emphasizing that income must be taxed based on statutory provisions, not equitable doctrines. The appeals were dismissed, and the High Court's directions on payment appropriation were affirmed. Case-Laws Income Tax Mon, 26 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49335