Find a Lawyer

BEFORE INAM ELLAHI SHEIKH, CHAIRMAN AND MUNSIF KHAN MINHAS, JUDICIAL MEMBER versus BEFORE INAM ELLAHI SHEIKH, CHAIRMAN AND MUNSIF KHAN MINHAS, JUDICIAL MEMBER

Sections 66A, 62 and 34 of the Income Tax Ordinance 1979, Protection of the Economic Reform Ordinance (XII of 1992), Determination of increase and loss of foreign exchange set NCC exempts foreign exchange profit under the Protection of Economic Reform Ordinance 1992 And discussed. The loss was claimed as an expense that was assessed by the Assessing Officer through the Additional Commissioner in the assessment that the Assissee had acquired the exchange for account purposes and suffered losses. However, for income tax purposes, Assisi claimed exemption on acquisition. And claimed separate exchange losses as well as due to the exchange volatility was paid from foreign currency reserves to assess the accuracy which led to exchange losses in the books of accounts. Had suffered. Due to timely payments, the transaction was done through the same means, ie, foreign currency deposit reserves, accounting treatment was correct and there was no case of loss of allowance due to separate exchange of transactions. Exchange reserves should not be considered separately and independently of payment for loss of current exchange immigration advocates email from Ludhan lawyer