IFTIKHAR MUHAMMAD CHAUDHRY, C.J.---Learned counsel appearing for the appellants contended that the Department had not charged income tax on the deeming interest retrospectively but with effect from 1st July, 1976 as it has been provided in the Explanation-8 to section 4(1) of the Repealed Income Tax Act, 1922, therefore, instead of dilating upon other points of the case, the appeals may be disposed of with the observation that the tax will be charged by the Department from the respondent with effect from 1st July, 1976 on the interest of loan.
2. Mr. Iqbal Salman Pasha, learned counsel appearing for respondent in Civil Appeals Nos. 1443 and 1446 of 1996 had no objection if the appeals are disposed of in these terms. , the appeals are disposed of in view of the statement so made by the learned counsel for the appellants. No order as to costs.