IR Tribunal stays recovery of tax demand
KARACHI: Judical Member Inland Revenue Appellate Tribunal Muhammad Javed Zakaria has stayed the recovery of tax demand against M/s PAIR Investment Company Limited.
The company's representative stated that income tax demand of Rs53.179 million for the Tax year 2015 is created. He submitted that the department is adopting coercive measure for recovery of unjustified demands. The Counsel added the appeal before this Tribunal had already been filed against the impugned order and the balance of convenience is in favour of the taxpayer.
He also pointed out that the taxpayer has already defrayed Rs10 million and will further pay Rs7.5 million within a week for aforesaid tax year.
Department representative opposed grant of the stay by this Tribunal and insisted upon 100 percent payment by the taxpayer. Javed Zakaria directed that the department should not insist upon the recovery of the tax demand as the appeal is pending before this Tribunal regarding tax period mentioned above for a period of 30 days or till the decision of main appeal whichever is earlier.