ORDER

This writ petition seeks a declaration from this Court to the effect that the amendments made in Section 100BA read with Rule 1-A of the 10th Schedule introduced in the Income Tax Ordinance, 2001 (the Ordinance) through Finance Act, 2024 are prospective in nature.2. The petitioner is a statutory authority and is engaged in the development of real estate projects. It is liable to pay advance tax/transitional advance tax under the provisions of the Ordinance. The grievance raised by the petitioner relates to the retrospective operation given to the newly added provisions of the Ordinance with the result that the sale/purchase transactions carried out by the petitioner in the context of Sections 236C and 236K entails higher rates of income tax as mentioned in the newly added Tenth Schedule. It is furthermore submitted that the newly added provisions have the effect of visiting consequences on the past and closed transactions which is not permissible under the law. The petitioner filed tax...