KARACHI: The Sindh High Court (SHC) has issued notices to M/s Novartis Pharma Pakistan Limited on an income tax reference filed by Commissioner Inland Revenue Zone-IV, Large Taxpayers Unit.
The commissioner has challenged the impugned judgment of the appellate tribunal on recovery of disputed amount from M/s Novartis Pharma Pakistan Limited.
A two-member bench, headed by Justice Aqeel Ahmed Abbasi, also directed the company to file its para-wise comments on the next date of hearing.
Earlier, counsel for the applicant stated that the company file its return on 11/01/2012 for the tax year 2012, declaring income of Rs 864.742 million which constituted the deemed assessment order under section 120 of the Income Tax Ordinance, 2001. However, the deemed order was considered to be erroneous and accordingly a show cause notice was issued on 23/07/2013 to the petitioner under section 122 (5A)/122 (9) of the Income Tax Ordinance 2001.
According to the applicant, being aggrieved, taxpayer filed an appeal before appellate tribunal which allowed its appeal without considering the facts and regulations.
Citing M/s Novartis Pharma Pakistan Ltd as respondent, counsel pleaded the court may set aside impugned order passed by Appellate Tribunal.
