C.W.T., CENTRAL, LAHORE versus MESSRS MALIK MUHAMMAD ASHIQ, LAHORE
Section 5 (1) (xv) and Schedule Total (7) (i) (ii) Income Tax Ordinance (XXXI of 1979), Section 136 (1) Wealth Tax Foreign remittances Residential status change Assisi overseas remittances Has claimed exemption. The Assessing Officer dismissed the claim on the basis that the residency status of the STC was allowed by the Residential / Appellate Authority to be filed by the SC and it maintained the matter through the Income Tax Appellate Tribunal's opinion. The High Court questioned whether the Income Tax Appellate Tribunal justified that foreign remittances were brought to or sent to Pakistan by a non-resident in 1984, the year in which the remittances were brought. And they are also exempt from the annual wealth tax. The following five years are irrespective of whether or not Assisi is non-resident. And was the Income Tax Appellate Tribunal's assertion that once the asset was allowed a waiver under Section 5 (1) (xv) of the Wealth Tax Act, 1963, thereafter the change of residence status of this review Cannot be withdrawn with what is called High. Already, the court had answered in the affirmative and the High Court had earlier ruled in the cases that the High Court had refused to hold any contrary view against the earlier decisions.
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