LAHORE: Supreme Court of Pakistan (SC), under the supervision of Chief Justice Anwar Zaheer Jamali three members bench has accepted the all applications of appellants for the allocation of taxes on the profit and loss industries. SC has issued notices and finally called the counsels of Federal Board of Revenue (FBR) and traders for the final debate.
Yesterday, in Lahore registry of SC Chief justice of Pakistan Anwar Zaheer Jamali and two other judges heard the case of Koh e Noor and 35 others textile mills.
The counsel of federal Board of Revenue (FBR) and appellant textile mills argued before the court that under the income tax ordinance section 113 the procedure of tax allocation has different for those industries whose facing loss and FBR collects 0.5 percent tax on these textile industries.
The counsel has appealed to SC to in-light the interpretation of legal point and issued worthy judgment. After hearing the argument the three member bench of SC accepted the application of appellant for hearing and called counsel of both parties on second December 2015.
