LAHORE: A Lahore High Court division bench has allowed a 19-year-old appeal of Sharif family against ‘incorrect’ assessment of income tax by the Income Tax Department and subsequent decisions of IT appellate tribunal upholding the tax assessment for the year 1988-89, according to local media sources.
The appellants included Nawaz Sharif, Shahbaz Sharif, Farooq Barkat, Iqbal Barkat, Hasan Barkat, Husain Barkat, Zahid Shafi, Javed Shafi, Tariq Shafi, Pervez Shafi, Idrees Bashir, Aslam Bashir and Ittefaq Textile Mills, according to sources.
The appellants pleaded that the tax department assessed the liability of the Ittefaq Group and its directors at Rs20 million, but the tax was raised to Rs400m during the first Benazir (late) government. They said, on an appeal before the IT commissioner (appeals), the amount was reduced to Rs20m, reportedly.
