SHC stays collection of Capital Gain Tax
KARACHI: An appellate bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Mahmood A Khan on Wednesday stayed collection of Capital Gain Tax till further orders.
The bench heard Haider Waheed advocate appearing for Hussain Bakshi, immediate past president of ABAD (Association of Builder & Developers) and Mrs Zainab Charania who challenged the extension in time limit of CGT. Previously CGT was applicable for sales within three years but such limit was increased upto 8 years retrospectively.
The counsel argued that amendment was brought in through Financial Act 2019 which is in violation of constitution.
The bench later put of hearing to a date to be fixed by the office of the court.