JUDGMENT

This Intra Court Appeal calls into question the judgment rendered by the learned Single Judge in Chambers on 27.10.2023 by dismissing the constitutional petition filed by the appellant.2. The appellant acquired certain securities as defined in Section 37A of the Income Tax Ordinance, 2001 (the Ordinance) in the year 2011. Section 37A by its terms imposed capital gain tax on disposal of securities at the rates specified in Division VII of Part I of the First Schedule to the Ordinance (Division VII). At the time of acquisition of securities by the appellant, Section 37A contained a proviso to the effect that the levy of tax shall not be applicable to securities that are held for a period of more than a year. The appellant disposed of the securities held by him on the Stock Exchange from 01.07.2022 till January 2023. Section 37A and Division VII at the time of disposal of securities by the appellant had undergone substantial changes which resulted in imposition of capital gain tax at the ...