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MUHAMMAD ALI KHAN versus COMMISSIONER OF INCOME-TAX

Wealth Tax Act 1963 Sections 5 (I), CL (xv) (i), (ii), Second Schedule, CL 7 (i), (ii) and 27 Foreign Exchange Beer Certificate Rules, 1985, R 5 C.B. R Circular No ITO 1 (42) / 1985, dated 22 8 1985 Exemplary Internal Reference Assessee Claims Exemption from Wealth Tax on Assets of Foreign Exchange Beer Certificates, Due to Foreign Exchange Beer Certificate Cash Did not accept waiver claim and rejected it. On the basis of CBR Circular No. IT0 1 (42) / I985, dated 22 8 1985, the Appellate Tribunal affirmed on the basis that the general banking channels received such exchange in Pakistan through the case. No evidence was included. As such, this value was not covered by paragraph (i) or (ii) of section 5 of the Tax Act, 1963 (xv). The assessee's position was that he did not need to add any evidence to prove it. Channels sub-clause (i) of section 5 of the Wealth Tax Act, in view of sub-clause (i) of section 5 (total) of section 5 of the Wealth Tax Act, 1963, obtained by foreign exchange general banking. ). The remittances received in Pakistan from 1963 foreign exchange bear certificates led to the issue of assessment under sub-clause (ii) of section 5 (xv) of section 5 of the Value Tax Act 1963, one of these assets. , The exemption from claiming the Wealth Tax in connection with the Assets / Certificate was that the reviewer would have to confirm that the money used to make the asset in the form of a certificate purchase was obtained from the general banking channels. Was brought to Pakistan to establish the Assisi to the extent necessary famous supreme court advocate from Shangla lawyer