The Lahore High Court (LHC) on Tuesday suspended a notice issued by the Federal Board of Revenue (FBR) to conduct an audit of JDW Sugar Mills owned by disgruntled PTI leader Jahangir Khan Tareen.
Justice Raheel Kamran issued the ruling while hearing a petition filed by the JDW Sugar Mills, challenging FBR's notice for its audit of the 2015 period.
The counsel for the petitioner argued that the sugar mills was a regular taxpayer, adding that the FBR, as per law, had not authority to audit any business institution after the passage of a five-year period.
The lawyer said that the FBR could audit the mill till September 30, 2020 but now the period had expired.
He added that the notice was not only illegal but also based on malafide. He pointed out that the notice was issued in violation of Section 122 and 174 of Tax Ordinance.
Tareen's lawyer requested the court to declare the notice null and void and also suspend its operation till the final decision of the petition.
The court, after recording initial arguments, ordered the notice suspended till further orders.
The court also issued notices and sought replies from the FBR chairman and other respondents.
Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.
Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.
UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.4 | 280.4 |
Euro | EUR | 293.15 | 296.1 |
UK Pound Sterling | GBP | 344.25 | 347.6 |
U.A.E Dirham | AED | 75.45 | 76.2 |
Saudi Riyal | SAR | 73.3 | 74.05 |
Australian Dollar | AUD | 181 | 182.5 |
Bahrain Dinar | BHD | 739.38 | 747.38 |
Canadian Dollar | CAD | 201 | 203 |
China Yuan | CNY | 38.45 | 38.85 |
Danish Krone | DKK | 40.45 | 40.85 |
Hong Kong Dollar | HKD | 35.57 | 35.92 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 902.26 | 911.26 |
Malaysian Ringgit | MYR | 58.24 | 58.84 |
New Zealand Dollar | NZD | 164.75 | 166.75 |
Norwegians Krone | NOK | 25.38 | 25.68 |
Omani Riyal | OMR | 722.1 | 730.1 |
Qatari Riyal | QAR | 76.37 | 77.07 |
Singapore Dollar | SGD | 204.5 | 206.5 |
Swedish Korona | SEK | 25.72 | 26.02 |
Swiss Franc | CHF | 307.11 | 309.61 |
Thai Bhat | THB | 7.61 | 7.76 |
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