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Sharifs win income tax case after 19 years

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Sharifs win income tax case after 19 years

Islamabad - The Lahore High Court (LHC) suspended the 1989 verdict by Income Tax Appellant Tribunal against the Sharif family and the directors of Ittefaq Foundries.

By Afzal Khan

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Published: Wed 5 Aug 2015, 12:00 AM

Last updated: Thu 6 Aug 2015, 11:07 AM

After a 19-year long legal battle, the Sharif family finally got its appeal accepted against "wrongful assessment" of income tax.
The Lahore High Court (LHC) suspended the 1989 verdict by Income Tax Appellant Tribunal against the Sharif family and the directors of Ittefaq Foundries. The court also accepted all appeals filed by the Sharif family in this regard.
A division bench of the LHC allowed an appeal filed by the Sharif family in 1996 against assessment by the Income Tax Department and subsequent decisions taken by a tax appellate tribunal upholding assessment for the year 1988-89. The assessment and subsequent appeals remained subject of political interference during the governments of the Pakistan People's Party and the Pakistan Muslim League-Nawaz.
The appellants included Nawaz Sharif, Shahbaz Sharif, Farooq Barkat, Iqbal Barkat, Hassan Barkat, Hussain Barkat, Zahid Shafi, Javed Shafi, Tariq Shafi, Pervez Shafi, Idrees Bashir, Aslam Bashir and Ittefaq Textile Mills.
The appellants said that the Income Tax Department had assessed the liability of the Ittefaq Group and its directors at Rs20 million, but the tax was raised to Rs400 million during late Benazir Bhutto's first government in 1988. They said, on appeal before the department, during Nawaz Sharif's first government in 1990, the amount was reduced to Rs20 million.
However, they said, during Benazir's second tenure as premier in 1993, the Income Tax Department moved a second appeal and raised the tax amount to Rs650 million including interest.
news@khaleejtimes.com


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