Category Archives: Court Orders

NAB restrained from using powers of plea bargain settlements


ISLAMABAD: Supreme Court of Pakistan has restrained National Accountability Bureau (NAB) from using powers to clear persons through voluntary return and plea bargain deals.

NAB exposes Rs72 million scam over fake investments in Gawadar


KARACHI: The National Accountability Bureau exposed scam of Rs 72 million in Rawalpindi where accusers illegally collected money from general public for investments and allotments of shops in fake shopping mall project which was never materialized in Gawadar, statement released on Monday.

Court declares collection of capital gain tax on disposal of securities as illegal for disputed year


KARACHI: The High Court of Sindh (SHC) has declared collection of capital gain tax by Federal Board of Revenue (FBR) as illegal for the period 2014/2015 due to a lacuna in the law was not addressed.

Supreme Court restrains Bahria Town from undertaking development activity

KARACHI: Supreme Court of Pakistan (SCP) on Monday restrained Bahria Town from undertaking any development activity on 5,786 acres of land in Karachi with immediate effect.

FTO terms maladministration in failure to revisit order passed under Section 122A


KARACHI: Federal Tax Ombudsman (FTO) has termed that failure of tax department in revisiting order passed under Section 122A is tantamount to maladministration.

Tribunal directs FBR to de-freeze OGDCL bank accounts


KARACHI: Appellate Tribunal Inland Revenue (ATIR) has directed Federal Board of Revenue (FBR) to de-freeze bank accounts of Oil and Gas Development Company Limited (OGDCL).

FTO declares delaying refund claims as maladministration; entitle to additional amount


KARACHI: The Federal Tax Ombudsman (FTO) has declared that delaying refund claim process by the tax authorities tantamount to maladministration and entitled to additional amount.

Sindh High Court dismisses petitions against withholding tax filed by mutual funds, modarabas


KARACHI: Sindh High Court (SHC) on Wednesday dismissed over 300 petition filed by mutual funds against mandatory requirement of obtaining certificate for availing exemption from withholding tax.

RTO-II Karachi rejects Amnesty Scheme, recovers amount by attaching bank account of taxpayer


KARACHI: Regional Tax Office (RTO) –II Karachi has rejected an amnesty scheme announced by the Federal Board of Revenue (FBR) and recovered default surcharge and penalty from a taxpayer who availed the amnesty and paid principal amount within time-line set by the revenue body.

Tax rates on bonus shares for quoted, not quoted companies on stock exchange

KARACHI: Sindh High Court has dismissed petitions against the levy on bonus shares imposed through Finance Act, 2014. The rate tax on bonus shares issued by companies quoted on stock exchange and those not quoted on stock exchange are as follow:
bonus shares