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IQBAL HAJI ALI MUHAMMAD versus INSPECTING ADDITIONAL COMMISSIONER OF INCOME/WEALTH TAX, KARACHI

Clause 7 (ii), Second Schedule to the Foreign Exchange Assets Assessment of the First Conversion Principles for Exchanges He Purchased Shares After Exchanging Foreign Exchange Beer Certificates in Pakistani Rupees Income Tax Authorities Schedule Wealth Tax Refused exemption under clause 7 (II). Act, 1963, on the basis that the purchase is not the first exchange of foreign exchange, the property tax was exempted under section 7 (II) of the Second Schedule to the Tax Act, 1963, only Pakistani currency in the first exchange of assets There was no foreign exchange and foreign exchange was not a Pakistani currency. These were two different and separate properties and consequently separate assets if foreign exchange belonged to a foreign currency, it was an asset and when foreign. The exchange was infiltrated into Pakistani rupees or any other property was acquired with foreign exchange. In any case, when a new asset other than foreign exchange was acquired, the first conversion process took place, after which any other property was either acquired by foreign currency or by foreign exchange. Income Tax Appellate Tribunal rightly held that the shares were purchased through Assisi, which was acquired by another asset created, then the second exchange and the second exchange did not enjoy exemption from payment of freight. Created with certificates, this was the second exchange and therefore, the asset created on the second exchange was shared. Is not entitled to exemption under clause 7 (ii) of the Doll to Wealth Tax Act, 1963. Questions were in the affirmation immigration advocates email from Kamalia lawyer