Law: Income Tax Ordinance, 1979

Section: SecondSched.,PartI,Cl(171)&PartIV,Cl.(6)

Law: Foreign Exchange Bearer Certificates Rules, 1985

Section: Rr.5,6,7

(a) Income-tax--- ----Administration of justice ---Assessee is entitled to invoke any beneficial provision of law at any stage of assessment process irrespective of the fact that such provision has, not been invoked at the, preceding stage. (b) Income Tax Ordinance (XXXI of 1979)----Second Sched., Part IV, Cl.(6)---Foreign Exchange Bearer Certificates Rules, 1985, R.5---Foreign Exchange. Bearer Certificates---Exception---Tax benefit on the amount invested in acquisition of Foreign Exchange Bearer Certificates is not to be allowed to two different persons twice---In the absence of any requirement of an application for purchase of the certificates or any provision for registration of the certificates issued, the "office of issue" cannot identify the person to whom such certificates were issued, for it cannot possibly have any record to substantiate the certification. (c) Income Tax Ordinance (XXXI of 1979)- ----Second Sched., Part I, Cl(171) & Part IV, Cl.(6)---Foreign Exchange Bearer Certificates Rules, 1985, Rr.5, 6 & 7---Foreign Exchange Bearer Certificates--- Exemption---Scope and application of-Cl.(171), Part I and Cl. (6), Part IV of Second Sched. of Income Tax Ordinance, 1979. The proposition that since Clause (171) of Part I and Clause (6) of Part IV are inserted in the Second Schedule to Income Tax Ordinance, 1979, simultaneously by the same Notification, these, therefore, are mutually exclusive extending two separate benefite one for investment in acquisition under clause (6) and again on encashment under clause (171) cannot be subscribed. These two mutually exclusive provisions have been made to deal with two different situations. Clause (6) of Part IV deals with a situation wherein the DCIT finds that an assessee is holding the F.E.BCs acquired by him either under Rules 5, 6 or 7 of F.E.B.C. Rules, 1985 but he cannot invoke the provisions of either section 13 or any of the sections of Chapters XI and XII of the Income Tax Ordinance as long as the assessee continues to hold such certificates. However, clause (171) of Part-I of the Second Schedule deals with a situation where an assessee is claiming exemption from tax on the certified sum on the…

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