Law:

Section:

(a) Central Board of Revenue Circulars--- ----Circulars/instructions by Central Board of Revenue of beneficial nature, are binding on the field officers. (1992) 65 Tax 102 (SC Pak.) rel. (b) Wealth Tax Act (XV of 1963)--- ----Second Sched., Part I, C1.7(ii)---Exemption---Remittances not proved through normal banking channel---Sale of Foreign Exchange Bearer Bonds---No exemption for the assets created out of sale proceeds of F.E.B.Cs. in any manner whatsoever in case remittance of foreign currencies through normal banking channel is not proved. 2000 PTD 322 rel (c) Wealth Tax Act (XV of 1963)--- ----Second Sched: Part I; el. 7(ii)---Central Board of Revenue Circular Letter No. 8(9) WT/IT-5/79, dated 30-6-1985---Central Board of Revenue Circular No. 8/12 W.T, dated 30-6-1985---Exemption---Foreign remittances---Number of conversions--Sale proceeds of Foreign Exchange Bearer Bonds---Assets created out of sale proceeds of F.E.B.Cs. purchased out of foreign currencies remitted to Pakistan shall enjoy exemption for a period of 6 years from the date of original remittance irrespective of the number of conversions which they undergo during the period but exemption will be restricted to original value of remittance only.---[1997 PTD (Trib.) 1928 reversed]. 1997 PTD (Trib.) 1928 reversed. 1999 PTD (Trib.) 1494; 1991 PTD (Trib.) 135 and PLD 1991 Kar. 320 ref. ORDER MUHAMMAD DAUD KHAN (ACCOUNTANT MEMBER).--­This appeal by the assessee-appellant has been preferred against I.A.C's. order under section 17-B of the Wealth Tax Act, 1963. The issue involved is the exemption for assets created out of encashment of F.E.B.Cs. purchased through foreign currencies remittance whether exemption under the law is available to the first assets created out of such encashment or even to assets subsequently created from sale proceeds of the assets created out of such encashment. The Assessing Officer had allowed the exemption as claimed by the assessee but later the IAC holding his order to be erroneous and prejudicial to revenue revised the same under section 17-B and created wealth tax charge on the assets and hence the present appeal. Mr. Akbar G. Merchant and Ms. Yasmin Ajani, F.C.As.…

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