ISLAMABAD: The Islamabad High Court on Tuesday reserved judgment in a case seeking court’s directives regarding the taxability by any corporation on the subsidy given by the government.
IHC division bench comprising Justice Noor Ul Haq N Qureshi and Justice Athar Minallah heard final arguments from sides. Large Taxpayers Unit’s (LTU) officer, commissioner had filed the case in which M/S Utility Stores Corporation was made respondent.
The appellant had submitted a query before the tribunal to decide if the subsidy, given by the government to any corporation, was taxable or not.
Appellant and the respondent, both, assisted the court with few of Supreme Court’s judgments on the matter. Respondent’s counsel argued that the matter before the court was of immense importance, which included billions of rupees to be claimed in form of taxes. Therefore, the court may consider all aspects while announcing the decision on taxing the governmental subsidies.
The bench heard arguments and later on directed the counsels to wait for order, which would be given by the court after examining the stuff submitted to the court.
