RIAZ GUL versus SECRETARY, REVENUE DIVISION, ISLAMABAD
Second Schedule of Income Tax Ordinance 1979, Part I, CL (78E) Section RO 278 (I) / 2002, Establishment of Office of Federal Tax Ombudsman Ordinance (2000 XXV 2000), Section 9, 2002 The special savings certificate purchased from the conversion was re-deposited to the foreign currency account in the same certificate on maturity and received on such certificate under Part I (78E) of Part I of the Second Schedule of Income Tax Ordinance. The exemption was claimed on the income of the plaintiff, which resulted in a waiver by the department. Second Schedule (78E) of Part I of 1979, Part II of the Income Tax Ordinance, was amended, under which section RO 278 (I) / 2002, dated 5-5, 2002, has been approved. Controls the entire KL of 78 (78E). Under the Second Schedule of Income Tax Ordinance, 1979 and it was disclosed that under some Under-tax Ordinance, 1979, something could be prepared under total (78E), to be made or prepared by a certificate in exchange for foreign currency accounts. Should be done. What creates the word thus limit the protection limit The certificate was purchased from funds realized at maturity, technically speaking that the funds repaid in the certificate were obtained through a conversion to a foreign currency account. Was not created from the money, no doubt that the certificate was re-purchased in exchange for a foreign currency account but the certificate obtained by reinvesting was not created from the exchange of foreign currency account. It cannot be said that the complainant was not entitled to benefit from the waiver The closed proceed through the Federal Tax Ombudsman
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