KARACHI: Justice Yousuf Ali Saeed of High Court of Sindh suspended notices of recovery sent by Income Tax Department to plaintiff Tariq Rafi of Siddiq Sons.
The plaintiff moved the court through Franklin Law Associates against issuance of notice of recovery sent under section 4 B of the Income Tax Ordinance 2001 which was amended later. The plaintiff’s lawyer maintained that Finance Act 2016 incorporated the amendment which was illegal and liable to be struck down. No tax can be levied under the Finance Act, they maintained.
The bench after hearing initial arguments while suspending the notices adjourned further proceedings to an unspecified date. The super tax is levied upon individuals or companies having a turn over of more than rupees 50 million.