AFTAB AHMED KHAN SHERPAO versus COMMISSIONER OF INCOME TAX/WEALTH TAX, PESHAWAR
Section 16 (4) and Schedule II (8) of the Economic Reform Act (XII of 1992), Section 5, exempt against the taxation of foreign currency account, are maintained by the Assistant with the Bank located in the foreign country. The amount deposited by the Assisi on the Wealth Tax Return for the relevant assessment year has been ordered by the Appellate Authority and the Appellate Tribunal Assissee to be taxed on the amount passed by the Retained Authority that such account is allowed in Pakistan. Being excluded was exempt from testing and was exempt from taxation. The provisions of Sections 5 (1) and (2) of the Income Tax and Wealth Tax validity Protection of Economic Reforms Act 1992 have had a huge impact and must be read simultaneously, and section 5 (1) and ( 2) Not in accordance with the protection of the Economic Reforms Act 1992, the foreign currency account is maintained only in Pakistan, which holds a Pakistani citizen, will avoid the imposition of income tax and wealth tax. In the case of double taxation between the Federal Council of the Government of Pakistan and the foreign country, the receipt of non-taxation of assets and wealth on the Income Tax section provides for the imposition and taxation of Section 4 of the Foreign Exchange Economic Reform Act 1992 Is related to Deposits in a foreign currency account where no asset / wealth was specifically exempt from declaration by law, but it was necessary to declare it through the Wealth Tax Act, 1963, if the taxable High Court dismissed the appeal in the circumstances. Tax r \ n
Related judgments — Peshawar High Court NWFP, 2013
