LAHORE: The Federal Tax Ombudsman (FTO) has postponed the hearing of a case filed by M/s Crescent Cotton Mills Limited Faisalabad till next date.
According to details, FTO Advisor Tariq Yousaf heard the case of M/s Crescent Cotton Mills Limited Nishatabad Faisalabad in which the counsel for the appellant argued that the Large Taxpayer Unit (LTU), Lahore failed to release the sales tax refund of the last two years.
He said that the RTO collected excessive tax from M/s Crescent Cotton Mills during last two years. They approached the commissioner of LTU concerned many time for issuance of refunds but the LTU officials did not pay the refunds after the passage of reasonable time.
At the end, the company decided to approach the FTO seeking interference in this case. The counsel appealed the FTO Adviser to direct the LTU to clear the refund claims and solve all matters of appellant.
The counsel further said that the LTU should refund the excess collection in wake of taxes by the end of financial year. Delay in issuance of refunds put burden on the taxpayers, he said, adding that the LTU should make audit of the cases and release the extra amount collected by it from the taxpayers.
On the other hand, counsel for LTU argued that case is under process in the Large Taxpayer Unit and after the final assessment LTU will release refunds to the appellant..
After hearing the arguments from both sides, Adviser Tariq Yousaf adjourned the case until for further hearing and directed the parties to appear on said date to present arguments in the case.
