LAHORE: The Federal Board of Revenue (FBR) filed an appeal for being a party in the case of Pakistan Tube Mills in the Lahore High Court (LHC).
Counsel for appellant FBR argued before the court that Pakistan Tube Mills is tax defaulter of Rs0.38billion of the Federal Board of Revenue (FBR) therefore the court may stop the auction of mills till the tax amount recovery.
The proceeding of the case is already in the Lahore High Court (LHC) on the appeal filed by the Bank of Khyber. Justice Masood Abid Naqvi heard the appeal of the Bank of Khyber against the Pakistan Tube Mills.
In the case, the counsel for the Bank of Khyber argued that Pakistan Tube Mills pledged the property to the Bank and got a loan of amount Rs100 million. He argued that already in the case court has issued a degree of Rs100.57million but the company failed to pay their tax liability.
After hearing the arguments from the parties named Bank of Khyber and Federal Board of Revenue (FBR), the Lahore High Court (LHC) has adjourned the hearing for two weeks and called the parties for the final arguments on the said date.
