SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 1 of 8

BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1

Marks
Question No. 1
(a) Increasing Tax Net:
The two basic obstacles are our ‘tax avoiding culture’ and the ‘cash economy’. For many years, 7.0
our people have considered government and tax collector not as facilitator but as harsh agency
for tax collection despite payment of taxation through indirect method.
A smaller to medium businessman feels no need to file a record of his earnings and assets to the
Federal Board of Revenue (FBR); instead, he considers no shame in concealing all his money
and the business details. There is a need to educate the people and the government agencies
are also required to change their perception to become a true facilitator in tax collection in friendly
environment.
Additionally, cash economy paves way for illegal money circulation and money laundering is one
practice that has been found to have significantly depressed out tax revenues. In fact,
government should have been taken all steps to document the economy much before 20 years
back to avoid the elements of cash transaction and its related corruption. Huge number of
transactions are being conducted in Pakistan through cash and it provides the avenue to the
business to evade taxes. It is the time for the government to take revolutionary measures and
create an environment in the country where tax filers feel secure and confident in the system and
non-filers incline towards filling. Only effective collection can solve the long lasting problems of
the economy.

(b) Power of the Commissioner to Call Upon the Record – u/s section 177(1) of the Income Tax 5.0
Ordinance, 2001:
The Commissioner may call for any record or documents including books of accounts maintained
under this Ordinance or any other law for the time being in force. For conducting audit of income
tax affairs or the person and where such record or documents have been kept on electronic data,
the person shall allow access to the Commission or the officer authorized by the Commissioner
for the use of machine and software on which such data is kept and the Commissioner of the
officer may have access to the required information and data and duly attested hard copies of
such information or data for the purpose of investigation and proceedings under this Ordinance in
respect of such person or any other person.

Question No. 2
(a) Hamdan Cement Limited (HCL) will be treated as a company resident in Pakistan during the tax 3.0
year 2019 because it is incorporated under the Companies Act, 2017.
Resident Company:
A company shall be a resident company for a tax year if:
 It is incorporated or formed by or under the law in force in Pakistan.
 The control and management of the affairs of the company is situated wholly in Pakistan at
any time in a tax year.
 It is a Provincial Government or Local Government in Pakistan.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 2 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
(b) Hamdan Cement Limited
Computation of Taxable Income and Tax liability
For the tax year ended June 30, 2019.
Rupees
Notes
Income from Business
Profit before tax (PBT) 24,500,000 0.25
Less: Other incomes N-10 1,500,000 0.25
23,000,000 0.25
Add: Inadmissible Deductions:
Amortization of intangibles N-1 5,000,000 0.25
Accounting depreciation N-2 2,000,000 0.25
Rent expense N-3 750,000 0.25
Employees’ training N-4 420,000 0.25
Payment for foreign produced commercial N-5 2,000,000 0.25
Penalty for violation of regulation N-6 1,500,000 0.25
Legal fees regarding increase in share capital N-7 900,000 0.25
Provision for bad debts N-8 840,000 0.25
Life insurance premium N-9 1,600,000 0.25
15,010,000 0.25
Less: Admissible Deductions:
Amortization of intangible N-1 500,000 0.50
Initial allowance N-11 37,500 0.50
Tax depreciation N-11 2,029,250 0.50
2,566,750 0.50
Total income from business 35,443,250 0.50
Income from Other Sources:
Loan received in cash N-10 1,000,000 0.25
Profit on debt N-10 500,000 0.25
Total income from other sources 1,500,000 0.25
Total taxable income 36,943,250 0.50
Tax liability (29%) 10,713,543 0.50
Less: Tax credit for enlistment in stock exchange N-12 2,142,709 0.50
Total tax liability under normal tax regime (NTR) 8,570,834 0.50
Tax on income assessable under final tax regime (FTR)
Tax deducted on export proceeds – u/s 154 200,000 0.50
Tax collected on commercial imports – u/s 148 250,000 0.50
Total tax payable 9,020,834 0.50
Less: Taxes Already Paid:
Total advance tax in four equal instalments – u/s 147 5,500,000 0.50
Tax collected along with electricity bills – u/s 235 400,000 0.50
Tax collected on commercial imports – u/s 148 250,000 0.50
Tax paid on import of raw material (limestone) from 0.50
Russia – u/s 148 150,000
Tax deducted on export proceeds – u/s154 200,000 0.50
6,500,000 0.25
Tax liability with return of FTR 2,520,834 0.50
DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 3 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
Items not included in the Computation of Taxable Income:
 Expenditure of Rs.900,000 spent on repair of machinery is admissible According to section 20(1)
any expenditure incurred by a person during the tax year “wholly and exclusively” for the purpose
of business generating taxable income is allowed as deduction while computing such income. 0.25
Notes:
N-1: Amortization of Intangibles:
Any expenditure on a process which provides an advantage or benefit for a period of more than
one year is included in the definition of an intangible which is to be amortised over its useful life.
Where the useful life is not ascertainable or it is more than ten years, for tax purposes it is
amortised over ten years. 0.25
Hence, the expenditure of Rs. 5,000,000 incurred by HCL on the amortisation of the cost of the
manufacturing process is added back and the amount on the basis of its ten years life is
allowed: Rs. (5,000,000/10)= Rs. 500,000. 0.25
N-2: Accounting Depreciation:
Accounting depreciation is not a deductible charge. Tax depreciation and initial allowances are
deductible at the rates prescribed in the Third Schedule and subject to the conditions mentioned
in the relevant provisions of the Ordinance. 0.25
N-3: Rent Expense:
Any expenditure for a transaction paid under a single account head which in aggregate,
exceeds fifty thousand rupees, made other than by a crossed cheque drawn on a bank shall not
be allowed as deductible expense. 0.25
N-4: Employees’ Training:
Since the institute has not yet been approved by the local government and the payment was not
made for the training of HCL’s own employees, it is neither admissible as expense of the
business nor as under the specific provision for employee training and facilities. 0.25
N-5: Payment for Foreign Produced Commercial:
This expenditure will be inadmissible because (u/s 152 A) every person responsible for making
payment to a non-resident person for foreign produced commercial for advertisement on any
television channel shall deduct tax at the rate of 20% as the tax is not collected by HCL this
expense will not be allowed as deduction. 0.25
N-6: Penalty for Violation of Regulation:
U/s 21 (g) any fine or penalty paid or payable by the person for the violation of any law or
regulation shall be inadmissible expense. 0.25
N-7: Legal Fees Regarding increase in Share Capital:
Expenditure incurred to increase the share capital of a company is a capital expenditure which
is inadmissible. 0.25
N-8: Provision for Bad Debts:
A provision for bad debts is inadmissible because no amount of debt is yet established to be
irrecoverable, which is a pre-requisite for a bad debt to be eligible as an admissible deduction. 0.25
N-9: Life Insurance Premium:
Tax credit in respect of any health insurance premium or contribution paid to any insurance
company is not allowed to a company u/s 62A of the Income Tax Ordinance, 2001. So, this
premium is inadmissible expense. 0.25

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 4 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
N-10: Other Incomes:
(a) This loan will be separately treated as “Income from other sources”. U/s 39(3) of the Income
Tax Ordinance, 2001. Any amount received as a loan, advance, and deposit otherwise than
a crossed cheque shall be treated as income chargeable to tax under the head “Income
from other sources” for the tax year in which it is received. 0.25
(b) U/s 39 (1)(c) of the Income Tax Ordinance, 2001. This profit received on debt will be
separately treated as “Income from other sources”. 0.25
N-11: Computation of Initial Allowance and Tax Depreciation:
Tax Written Initial Allowance
Additions TWDV for
Down Value at 25% of the Rate of Tax Tax
Assets during the Tax
(TWDV) as at Value of the Depreciation Depreciation
Year Depreciation
July 01, 2018 Eligible Asset
1 2 3 4 = 3 x 25% 5 = 2 + 3 – 4 6 7
Building on
freehold land 5,000,000 – – 5,000,000 10% 500,000 1.0
Plant and
machinery 7,500,000 – – 7,500,000 15% 1,125,000 1.0
Computer
hardware 750,000 150,000 37,500 862,500 30% 258,750 1.5
Furniture and
fixtures 850,000 120,000 – 970,000 15% 145,500 1.25
Total 37,500 2,029,250 0.5

N-12: Tax Credit for Enlistment in Stock Exchange:

U/s 65(C) where a tax payer being a company opt for enlistment in Pakistan Stock Exchange
Limited (PSX), a tax credit equal to 20% of the tax payable shall be allowed for the tax year in
which the company is enlisted. 0.25

Question No. 3
(a) Filing of Foreign Income and Assets Statement – u/s 116A of the Income Tax Ordinance, 2001: 7.0
Every resident taxpayer being an individual having foreign income of not less than ten thousand
United States dollars or having foreign assets with a value of not less than one hundred thousand
United States dollars shall furnish a statement, hereinafter referred to as the foreign income and
assets statement. Based on above Mr. Ashan is not required to file the foreign income and asset
statement u/s 116A.
Notice of Discontinued Business – u/s 117:
Mr. Ashan is required to fulfil following requirements related to discontinuation of business under
u/s 117:
(1) Any person discontinuing a business shall give the Commissioner a notice in writing to that
effect within fifteen days of the discontinuance.
(2) The person discontinuing a business shall, under the provisions of this Ordinance or on
being required by the Commissioner by notice, in writing, furnish a return of income for the
period commencing on the first day of the tax year in which the discontinuance occurred and
ending on the date of discontinuance and this period shall be treated as a separate tax year
for the purposes of this Ordinance.”

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 5 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
(b) (i) Computation of Advance Tax Liability:
Rupees
Tax liability for latest tax year – due to assessment order [B] 154,000,000 0.5
Turnover – for the tax year 2018 [C] 700,500,000 0.5
– for the first quarter [A] 250,230,000 0.5
Tax deducted at source – during first quarter [D] 13,900,000 0.5

Advance tax liability = (A x B/C) – D

= (Rs.250,230,000 x Rs.154,000,000 / Rs.700,500,000) – Rs.13,900,000 3.0
= Rs.41,111,306 1.0

(ii) Due Dates for Payment of Advance Tax by a Company: 2.0

For a company dated for payment of advance tax are as under:
 For 1st quarter starting from January to March is March 25.
 For 2nd quarter starting from April to June is June 15.
 For 3rd quarter starting from July to September is September 25.
 For 4th quarter starting from October to December is December 25.

Question No. 4
(a) Reconciliation Statement of Wealth of Mr. Islam
for the tax year 2019
Rupees
Addition/
2018 2019
(Deletion)
Motor vehicle 2,300,000 – 2,300,000 0.25
Land 8,500,000 – 8,500,000 0.25
Shares 800,000 600,000 1,400,000 0.25
Residential apartment 1,000,000 (1,000,000) – 0.25
Gold 600,000 – 600,000 0.25
Bank balances 1,300,000 (800,000) 500,000 0.25
Cash in-hand 500,000 (200,000) 300,000 0.25
Total 15,000,000 (1,400,000) 13,600,000 0.75
Wealth – as at June 30, 2019 13,600,000 0.25
– as at June 30, 2018 15,000,000 0.25
Decrease (1,400,000) 0.25
Sources:
Director’s fee – 1,250,000 0.25
Dividend income – 20,000 1,270,000 0.25
Expenses:
Tax on Director’s fee – 250,000 0.25
Gift – Apartment – 1,000,000 0.25
Tax on dividend – 3,000 0.25
Personal and household expenses – 1,417,000 (2,670,000) 0.25
Net decrease in wealth (1,400,000) 0.25
DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 6 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
(b) (i) Filer means a taxpayer whose name appears in the active taxpayers’ list issued by the Board 3.0
or Azad Jammu and Kashmir Council Board of Revenue or Gilgit-Baltistan Council Board of
Revenue from time to time or is holder of a taxpayer’s card
Status of tax payer being Active or non-active can be verified from website of FBR and the
Active tax payers list can also be downloaded from website of the board.

(ii) Mr. Jean should not be charged with 4% advance tax as, section 236 O excludes diplomats 2.0
out of scope of advance tax collections.
Under section 236 O, advance tax shall not be collected or deducted from:
 the Federal Government or a Provincial Government;
 a foreign diplomat or a diplomatic mission in Pakistan; or
 a person who produces a certificate from the Commissioner that his income during the
tax year is exempt.

Question No. 5
Obaid Limited
Computation of Sales Tax Payable/ Refundable
for the tax period May 2019
Rupees
Output tax [W-1] 1,166,200 0.75
Less: Input tax – Lower of:
Actual (W-3) 431,442 0.75
90% of output tax 1,049,580 (431,442) 0.75
Sales tax liability 734,758 0.75
Add: Further tax (2% [N-1]) 30,000 0.75
Sales tax payable with return 764,758 1.0
Sales tax refundable on zero-rated supplies [W-3] 199,127 0.75

Workings:
W-1: Computation of Output Tax:

Rupees
Sales of zero-rated goods to registered persons (Rs.3,000,000 x 0%) – 0.75
Sales of taxable goods to registered persons (Rs.5,000,000 x 17%) 850,000 0.75
Sales of taxable goods to unregistered persons (Rs.1,500,000 x 17%) 255,000 0.75
Sales of exempt goods to unregistered persons (Rs.1,455,000 x Nil) – 0.75
Advance payment received in May 2019 (Rs.800,000 x 17%) 136,000 0.75
Adjustment for credit notes issued for sales return of taxable supplies
(–Rs.440,000 x 17%) (74,800) 0.75
Total output tax including adjustment 1,166,200 0.75

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 7 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
W-2: Computation of Input Tax:
Rupees
Credit card payment [Rs.1,985,000 x 14.53% (14.53% = 17/117)] 288,419 0.75
Online transfer of funds from business bank account [Rs.468,000 x 14.53%]
[provision to section 73(1)] 68,000 0.75
Crossed cheque from the personal bank account of a director (not admissible)
(Rs.547,000 x Nil) [section 73(1)] – 0.75
Imports (Rs.1,500,000 x 14.53%) 217,949 0.75
Debit notes adjustment in respect of purchase returns (–Rs.325,000 x 14.53%) (47,222) 0.75
Input tax brought forward from previous period 200,000 0.75
Total input tax 727,146 0.75

W-3: Apportionment of Input Tax:

Rupees
Turnover Input Tax Status
Taxable supplies 6,500,000 431,442 Adjustable 0.25
Zero-rated supplies 3,000,000 199,127 Refundable 0.25
Exempt supplies 1,455,000 96,577 Lapsed 0.25
10,955,000 727,146 0.25
Notes:
N-1: Further tax of 2% shall be charged when supplies are made to un-registered person.
N-2: Input tax is not claimable on the acquisition of gifts by a registered person (otherwise than as 0.75
stock in trade) as notified under SRO 490(i) of 2004 of the Sales Tax Act, 1990.

Question No. 6
(a) Promissory Notes: 10.0
A totally new concept of clearance of refunds available to taxpayers has been introduced by way
of introduction of a tradable, negotiable instrument to be issued for the amount of sales tax
refunds due. Now the persons entitled to refunds can opt for acquiring a sovereign negotiable
instrument in the form of promissory notes issued by the Government of Pakistan, instead of
cash.
Salient features of such instruments will be as under:
 The notes will be transferrable in the manner provided.
 Maturity period will be three years from the date of issuance.
 These will be traded freely in the country’s secondary market.
 The notes shall bear annual simple profit at 10%, these shall be redeemable after the period
of maturity.
 These shall be accepted by banks as collateral.
 These shall not be subject to compulsory deduction of zakat.

DISCLAIMER: These suggested answers including write-ups, tables, charts, diagrams, graphs, figures etc., are uploaded for the use of ICMA Pakistan members, students and faculty members only. No part of it can be reproduced,
stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.
 SUGGESTED SOLUTIONS/ ANSWERS – SPRING 2019 EXAMINATIONS 8 of 8
BUSINESS TAXATION [S3] – STRATEGIC LEVEL-1
Marks
(b) (i) Conditions for Obtaining Registration – u/s 13 of the Federal Excise Act, 2005: 5.0
 Any person engaged in the production or manufacture of goods or providing or
rendering services liable to duty of excise under this Act shall, unless otherwise
specified, be required to obtain registration in the prescribed manner regardless of his
annual turnover or volume of sales of such goods or services.
 Where a person who is already registered under the Sales Tax Act, 1990, shall not be
required to take separate registration for excise purpose and his sales tax registration
shall be deemed to be a registration for the purpose of this Act.
Provided that provisions of the Sales Tax Act, 1990, including those relating to exemption
threshold shall not apply where a person obtains or is liable to obtain registration for the
purposes of this Act but does not have or is not liable to registration under the Sales Tax
Act, 1990.

(ii) Circumstances for Refund of Duty – u/s 44 of the Federal Excise Act, 2005: 5.0
 No refund of any amount of duty accrued for any reason under this Act or rules made
there under shall be allowed unless claimed within one year of its accrual.
 In a case where a registered person did not avail adjustment of duty admissible at the
relevant time, the Commissioner may allow such person to avail the adjustment at any
subsequent time provided that claim for such adjustment is made within a period of one
year from the date on which it was admissible
 In a case where claim for refund or adjustment has accrued in consequence of any
decision or judgment of any Federal Excise Officer, the Tribunal or Court, the period of
one year, for the purpose of this section, shall be computed from the date of such
decision or judgment.

THE END

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stored in a retrieval system or transmitted in any physical/ or electronic form or by any other means including electronic, mechanical, photocopying, recording or otherwise without prior written permission of the ICMA Pakistan. The
suggested answers provided on and made available through the ICMA Pakistan’s website may only be referred, relied upon or tre ated as general guidelines and NOT a substitute for professional advice. The ICMA Pakistan has
provided suggested answers on the basis of certain assumptions for general guidance of the students and there may be other possible answers/ solutions based on different assumptions and understanding. The ICMA Pakistan and its
Council Members, Examiners or Employees shall not be liable in respect of any damages, losses, claims and expenses arising out of using contents of these suggested answers. It is clarified that the ICMA Pakistan shall not be liable
to attend or receive any comments, observations or critiques related to the suggested answers.