LHC quashes super tax on sale of inherited land

LHC quashes super tax on sale of inherited land

• Rules extra levy can’t be applied if primary capital gains tax is zero• Notes that administrative circulars can’t override law; cites FCC ruling limiting scope of super tax• Dismisses FBR claim that wealth overrides tax exemptions RAWALPINDI: The Lahore High Court has ruled that a super tax under Section 4C of the Income Tax Ordinance of 2001 cannot be imposed on capital gains arising from the sale of inherited immovable property where the gai…