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SHC summons tax officials for demanding Rs 372m from M/S Regent Services

KARACHI: The Sindh High Court (SHC) issued notices to the tax authorities on a constitution petition filed by M/S Regent Services Private Limited against impugned demand notice of Rs 372.12 million issued by an officer of RTO-II Inland Revenue (IR) Enforcement & Collection’s unit-V.

While the hearing a petition, a two-member bench, comprising Justice Munib Akhter and Justice Abdul Malik Gaddi suspended the impugned demand notices, which were sent to the bank for recovery of disputed tax from the petitioner’s accounts.

Earlier, petitioner’s counsel stated that for the tax year 2014, petitioner filed its income tax return on February 16, 2016. In the return, the petitioner inter alia declared capital gains amounting to Rs 890.16 million on sale of immovable property, which was not taxable as the holding period of the asset exceeded two years.

According to the petitioner, however, on erroneous presumption of facts and law IR Audit division-I, range B, Zone- I additional commissioner issued a show cause notice dated March 10,2016 alleging non-reporting of interest income and workers welfare fund and an aggregate demand of Rs 372,127,716 was raised. Therefore, petitioner filed an appeal before the IR-Appeals commissioner which is pending but officials of the respondents issued notices to the bank’s manager for recovery of the said amount.

Citing FBR chairman, additional commissioner, IR-Appeals commissioner as respondents, the petitioner pleaded the SHC may restrain the respondents from taking any coercive action against the petitioner and also set aside impugned demand notice.

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