COMMISSIONER OF INCOME TAX, COMPANIES-I, KARACHI versus HUMAYUN ELLAHI SHAIKH
Sections 16 (3), 27 (1) and Schedule II, Clause 7 (i), (ii) Central Board of Revenue Circular No. 30 (2) TP iii / 90, dated 13 11 1990 Central Board of Revenue Circular No. 8 / 42 DWT / 84 Dated 30 6 1985 Ounce claims to prove exemption, foreign remittances later, conversion officials said that only assets created by banking channels on repatriation were secured. Are entitled to exemption under clause 7 (II). Schedule to the Wealth Tax Act, 1963, and no conversion was exempt thereafter. Validity should be strictly barred from concession, and the person claiming the waiver was bound to be entitled to such waiver and whenever two waivers can be interpreted. Only one interpretation of clause 7 (ii) of the Second Schedule to the Financial Tax Act 1963, which was contrary to the grant of waiver, was possible to be followed, with respect to assets generated from foreign remittances. Under this clause, foreign remittances received through banking channels remain as currency, since the first conversion of the assets not only changes the assets but also applies to the subsequent conversion. Respect for conversion of real assets from foreign remittances received through banking channels to the extent of remittances received from domestic remittances, appeals were dismissed.
Related judgments — Karachi High Court Sindh, 2011
