LAHORE: Ramzan Sugar Mills owned by Sharif family has challenged a notice of Federal Board of Revenue (FBR) for audit of the mills’ accounts for the year 2015.
The petitioner stated that the respondent Chief Commissioner (Inland) had issued a notice to the mills on May 21 last and sought explanation of transactions of Rs 1.35 billion. The petitioner said the respondent had withdrawn the notice after mill submitted all the documents and necessary record to the respondent commissioner.
The petitioner said a deputy commissioner (audit) again issued a notice illegally with malafide intention. The petitioner said that the mill was a big taxpayer and it regularly paid taxes and as per the law, the FBR was not empowered to audit any business institution after the passage of a five year period.
The petitioner therefore asked the court to declare the audit notice void and restrain the tax body from taking any punitive action against the mills.
Copyright Business Recorder, 2021