COMMISSIONER OF INCOME-TAX/WEALTH TAX COMPANIES ZONE-I, LAHORE versus ZORAIZ LASHARI
Second Schedule, for the specified period under section 7 (i) of the Second Schedule to the Wealth Tax Exemption Act under Secs 7 (i) and (ii) of the Commonwealth Tax Act, 1963 Such remittances will be exempt from the Wealth Tax event. The basic basis for the application of waivers under Cls 7 (i) and 7 (ii) was not the nature of the asset but the deciding factors were the origin of the assets or funds, the method and duration of the transmission (only the funds) in the above clause. Shares were received with such funds in a private company mentioned above, they were exempt from the Wealth Tax Principles.
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