W.T.AS. NOS. 1769/LB AND 1770/LB OF 2000, DECIDED ON. 16TH FEBRUARY, 2002. versus W.T.AS. NOS. 1769/LB AND 1770/LB OF 2000, DECIDED ON. 16TH FEBRUARY, 2002.
The Second Schedule to the Wealth Tax Act 1963, Part I, CL (1), Zakat and Usher Ordinance (XVIII of 1980), Section 25 (1), is exempt from levying tax under this tax. Cash income of NIT units on which Zakat deduction was deducted during the corresponding period of the assessment year. The tribunal, in the circumstances, rejected the deduction of property taxes from Zakat at Wealth Tax, which was created from sale or withholding income and no zakat was paid on such assets.
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