ISLAMABAD: Supreme Court of Pakistan (SC) has accepted the application from the Kohinoor Mills and 35 industries for hearing and asked the FBR and Industries advocates to argue in next hearing.
According to details a full bench of Supreme Court of Pakistan under the chairmanship of Chief Justice Anwer Zahir Jamali heard the application registered by the Kohinoor Mills and other 35 industries. The applicants said in its application that Supreme Court should decide that what method of tax should used for the industries which are in profit and in loss.
During the hearing FBR advocate argued that according to section 113 of income tax ordinance 2001, the method of tax for the industries which are in profit is different from the industries which are in loss and 0.5% tax is collected from the industries which are in loss. FBR advocate said that Sindh High court also accepted this method but Lahore High court ordered that tax method should be same for all the industries.
After hearing both the sides SCP ordered both the sides to explain the matter under the law before the court in next hearing.
