ISLAMABAD
\nSupreme Court (SC) has given big relief to tax payers.
\nThe court has made it clear additional penalty and financial burden cannot be placed on complete tax matters of the past under new laws.
\nA five members larger bench of SC while issuing an important decision regarding implementation of tax laws with retrospective effect has rejected income tax department appeal.
\nJustice Aqeel Ahmad Abbasi wrote the decision.
\nThe court said in its decision new penalties cannot be imposed on old tax estimates. Tax estimates till June 30, 2002 will remain secure from new legislation and penalties.
\nAccording to SC tax penalty is not merely a proceedings but it is also an additional financial responsibility. Therefore it cannot be enforced on old cases without clear legal powers.
\nIt has been said in the decision any attempt to enhance old tax liability through new law is illegal. Old complete tax matters cannot be made victim to new responsibility again
\nIt was further said in the decision that if any bench of equal status differs then the matter will be sent to larger bench.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Supreme Court (SC) has given big relief to tax payers. The court has made it clear additional penalty and financial burden cannot be placed on complete tax matters of the past under new laws. A five members larger bench of SC while issuing an important decision regarding implementation of tax laws with retrospective effect […]<\/p>\n","protected":false},"author":2,"featured_media":561217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-561209","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n