Section 55: Limitation of exemption — Income Tax Ordinance, 2001

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55. Limitation of exemption.— (1) Where any income is exempt from tax under this Ordinance, the exemption shall be, in the absence of a specific provision to the contrary contained in this Ordinance, limited to the original recipient of that income and shall not extend to any person receiving any payment wholly or in part out of that income. 3[ ] PART VIII LOSSES

Effective date: 2001-09-13

Related sections

Section 54: Exemptions and tax provisions in other laws Section 56: Set off of losses Section 53: Exemptions and tax concessions in the Second Schedule Section 56A: Set off of losses of companies operating hotels Section 52: Omitted by Finance Ordinance, 2002 Section 57: Carry forward of business losses

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