Lekha G –
The Lahore High Court has disposed of a petition filed by the sugar mills of PML-N President Shehbaz Sharif challenging a tax audit notice of the Federal Board of Revenue (FBR) directing them to approach the concerned inland tribunal.
The Court headed by Justice Jawad Hassan questioned the petitioner on how they could bring the case before the High Court without first going to the concerned inland revenue tribunal.
The Petitioner argued that the, “The Federal Board of Revenue have no powers to conduct an audit of the five-year-old accounts.”
It was further stated that the audit notice sent by the Deputy Commissioner was mala fide and pleaded to restrain the tax body from taking any punitive action against the mills.
On May 21, the sugar mills had received a show-cause notice of conducting a tax audit by FBR but the notice was withdrawn by the commissioner inland revenue. The Revenue Board demanded an explanation of the INR 1.93 billion transaction.
