LAHORE: In a significant development, the Lahore High Court (LHC) has declared the tax on deemed income on immovable properties under Section 7E of the Income Tax Ordinance 2001 as ultra vires to the Constitution — meaning it exceeded its scope and went beyond its authority — and ruled that treating the market value of the immovable property as income is beyond the competence of … Continue reading Treating property’s value as income ‘beyond federal powers’: LHC