Law: Income Tax Ordinance, 1979

Section: SecondSched,13

(a) Income Tax Ordinance (XXXI of 1979)----Second Sched., Part-IV, Cl. (6F) & S.13---Exemption---Assessee purchased property in March, 1998 i.e. before the insertion of clause (6F) of the Part-IV of the Second Schedule of the Income Tax Ordinance, 1979 in open auction by Privatization Commission on behalf of the Government but except the call deposit money amount was invested in the period from 1-7-1998 to 16-12-1999, which date had been specified in the said clause---Assessee pleaded that source of investment was immune from probe under the said clause as the same had retrospective effect being beneficiary to the assessee---First Appellate Authority rejected the plea of the assessee by observing that the said clause was inserted by Finance Act, 1998, which was given effect from 1-7-1998, while the appellant had purchased the property in open auction prior to the date of insertion of said clause and the assessee was not qualified to avail the benefit of the clause---Validity---Clause (6F) of the Part-IV of the Second Schedule of the Income Tax Ordinance, 1979 was of beneficial nature and such-like beneficial insertions and amendments where no specific date of operation had been incorporated, will operate retrospectively---As per proviso of clause (6F) of the Part-IV of the Second Schedule of the Income Tax Ordinance, 1979 the amount invested in purchase of any assets through public auction up to 16-12-1999 was immune from probe and no addition could be made under S.13 of the Income Tax Ordinance, 1979---Entire investment was made prior to target date of 16-12-1999---Addition made was deleted by the Appellate Tribunal. 2003 PTD 812 rel. 1981 PTD 210; 1997 PTD 1555; 1993 SCMR 73; 1992 SCMR 1652 and 1995 PTD 812 (Trib.) 1113 ref. (b) Income Tax Ordinance (XXXI of 1979)--- ---Second Sched., Part-IV, Cl. (6F)---Exemption---Investment---Word "invested" as used in clause (6F) of the Part-IV of the Second Schedule of the Income Tax Ordinance, 1979 by the Legislature was of key importance as it had been used in "past participle form" and covered all those `investments' which had been made in the past. 2003 PTD 812 1997 rel. (c) Income Tax Ordinance (XXXI of 1979)---…

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