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I. T. A. NO.970/KB OF 1987-88, DECIDED ON 12TH NOVEMBER, 1995. versus I. T. A. NO.970/KB OF 1987-88, DECIDED ON 12TH NOVEMBER, 1995.

Income Tax Ordinance 1979 Second Schedule Part I, CI (116) and Section 27 Capital gains waiver 13 The purchase of a share of the asset is on the transfer of capital, i.e. an asset that can earn some income as a capital tax exemption. Can be found. Yesterday (116), the shares received under Part I, Second Schedule, Income Tax Ordinance, 1979 are available only for those shares that are purchased as a capital asset if Squashy purchases the shares for investment purposes. Would register them in his name. In order to be entitled to receive dividends in the books of the respective companies, Assisi will retain the shares until at least the end of the calendar / fiscal year so as to be able to claim the dividend where Asisi bought the shares and sold the other shares. In the short period of four months for purchase and the Z-single share was not retained until the end of the financial year calendar / calendar year and most shares were sold within two weeks, all these factors showed that the shares The transaction did not happen on the investment path that was intended to be completed yesterday (116), the second schedule of the Income Tax Ordinance 1979 First sh, 1979 assysy was handled as trade with shares in fact. Commodity and as a capital asset and as such the profits of acquisition of the SC were in the nature of commercial profit which were not eligible for waiver under the second schedule of the Ordinance (116). best law firm from Khanewal lawyer