43.   Exemption of investments in the share-capital of approved investment, holding and industrial companies:-

(1)   Subject to the provisions of section 45, the tax shall not be payable by an assessee, not being a company, on such portion of his total income as is invested by him in the income year on the acquisition (otherwise than from the previous shareholders) of the shares of a Pakistani company which fulfills the conditions specified in sub-section (2).

(2)  The following are the conditions referred to in sub-section (1), namely:

(a)    that it is-

(i)     an investment company; or

(ii)    holding company; or

(iii)   Pakistani industrial public company, the share-capital of which is owned, wholly or in part, and the management of whose affairs is controlled, directly or indirectly, by the Federal Government; and

(b)    that it is approved by the Central Board of Revenue for the purposes of this section.

(3)   The Central Board of Revenue may make rules regulating the procedure for the grant of approval under this section and any other matter connected with, or incidental to, the operation of this section.