ORDER

This Reference Application is directed against order dated 03.02.2011, of Appellate Tribunal Inland Revenue, Lahore Bench, Lahore (Appellate Tribunal), whereby taxpayer s appeal was allowed. Matter pertains to the Tax Year 2007.2. Following questions of law, arising out of the order under reference, are proposed for determination.1. Whether on the facts and in the circumstances of the case, the learned ATIR was justified to hold that Clause (5) of Part-III of the Second Schedule to the Income Tax Ordinance, 2001 enacted through SRO No. 171(I)/2008 dated 21.02.2008 is remedial and curative in nature and to have retrospective operation?2. Whether on the facts and circumstances of the case, Clause (5) of Part-III of the Second Schedule to the Income Tax Ordinance, 2001 inserted through SRO No.171(I)/2008 dated 21.02.2008 is not exemption in nature and it should not be construed strictly and prospectively only?3. Whether on the facts and circumstances of the case, the learned ATIR had corr...