KARACHI: Dozens of petition filed against demands raised under newly added section pertaining to capital assets.
The federal government has introduced a new section 7E to Income Tax Ordinance through Finance Act, 2022 whereby for tax year 2022 and onwards, a resident person is treated to have derived income equal to five per cent of fair market value of the capital assets situated in Pakistan which will be chargeable to tax at the rate of 20 per cent.
Hearing a petition on the identical issue, the bench heard Jawad A Qureshi advocate who submitted that the appellate bench of SHC while entertaining a host of petitions involving identical issue has ordered pre-admission notices and petitions are pending including leading petition 4614.
The bench after brief hearing ordered that this petition may also be tagged with the earlier ones for a common judgment.