SHC summons financial statement of company

KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Mrs Ashraf Jahan on Monday ordered Icon Securities which challenged the imposition of tax by Sindh Revenue Board (SRB) to submit the financial statements of the petitioner company.

The petitioner maintained that it is working as a foreign exchange brokerage as well as local brokerage and hence the tax assessment shall be divided into two parts as per function of the company while the department has treated the foreign as well as local part of business as one and hence assessment was on higher side.

The bench after hearing Haider Shaikh advocate, counsel for SRB asked the Icon Securities to submit full financial statement to decide the issue. The bench adjourned further proceedings till October16.

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