SHAUKAT MASOOD, DIRECTOR FAZAL .INDUSTRIES (PVT.) LTD., ISLAMABAD versus FEDERATION OF PAKISTAN THROUGH CHAIRMAN, CENTRAL BOARD OF REVENUE/SECRETARY, REVENUE DIVISION GOVERN
Sections 2 (16), 4 (3), 27, 35 and Second Schedule, Part I, Item 8 Constitution of Pakistan (1973), Article 199 Constitutional Petition Retained Shares purchased with a loan obtained against a foreign currency account. Refusing to treat such shares has been challenged by the Tribunal through the constitutional petition for a waiver of the Wealth Tax Act, 1963, in accordance with the terms of Section 2 (16) of the Wealth Tax Act, 1963 Has been made, that the applicability of section 4 (3) of the Wealth Tax Act, 1963 does not apply to such a case, in which the assessee neither asserted that he was irrevocably Some of the assets have not been transferred or sought. Some of the assets that were transferred through them should be included in their net wealth. Disqualified tribunal denies correction for valid reasons High Court dismisses constitutional plea
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