Find a Lawyer

W.T.A. NO. 1378/LB OF 1997, DECIDED ON 18TH OCTOBER, 2001 versus W.T.A. NO. 1378/LB OF 1997, DECIDED ON 18TH OCTOBER, 2001

The exemption of assets related to special assets in the Wealth Tax Act 1963 Section 5 Special National Funds Bonds Rules, 1985 CBR Notification No. Section R649 (I) 85, dated 1985, of these assets under Special National Fund Bonds Exemption Claims. National Fund Bonds were not allowed to go on the basis that the assets held by the Special National Fund Bonds were exempt because the Central Board of Revenue notification only exempted those assets from the Special National Fund Bonds. Bonds and allegedly did not cover such bonds. The plaintiff's simple readings from the first appellate authority of the notification were confirmed by the fact that the assets in the form of special national fund bonds issued under the Special National Fund Bonds Rules 1985 could not be exempted from the Wealth Tax notification by anyone. To expand the imagination, to exempt the assets that are defined by special national fund bonds or under which such bonds were created, the Special National Fund bond is an independent and separate class of assets Wealth as a class of assets allegedly falling under such bonds Special taxpayer bonds were exempt from taxation and were not allowed. Assessee's claim of any waiver of such assets that was decided against those bonds or which was explicitly incorporated by the officer covered by these bonds and the actions of an appellate authority. Was justified in rejecting and therefore did not demand to cover any of the intervening assets. Only special after the maturity of the bonds famous lower court advocate from Naseerabad lawyer