KARACHI: The Sindh High Court (SHC) issued pre-admission notice to M/s Arif Habib on appeal filed by commissioner Inland Revenue zone-1challenged impugned order of the appellate tribunal over recovery of Rs1.99 million.
A two-member bench, comprising Justice Aqeel Ahmed Abbasi and Justice Arshad Hussain Khan heard the petition. The court adjourned the hearing till fourth week of Feb, 2017.
Counsel for the applicant stated that during the examination, the Deputy Commissioner Inland Revenue Audit Division found the taxpayer earned capital gain at Rs1.99 million being speculative business (shares) and claimed entitle for the exemption being an individual of the same amount.
According to the applicant, as per section 19 of the income tax ordinance, 2001 “any business in which a contract for the purchase and sale of any commodity including stocks and shares in periodically or intimately settled otherwise there by the actual delivery or transfer of the commodity” therefore, concerned officer disallowed the claimed of exemption at Rs1.99 million to the taxpayer.
Counsel informed the court that being aggrieved, approached Appellate Tribunal IR Karachi for allowing the exemption claim of capital gain which was fixed as per law, after the hearing appellate tribunal allowed the claimed of exemption of capital gain of Rs1.99 million to the above named taxpayer.
Citing M/s Arif Habib as respondent, applicant pleaded the court may set aside order of the appellate.
