August 7, 2019 (MLN): In relation to the tax fraud accusation levied upon Hascol Petroleum limited, the company has announced that the Commissioner Inland Revenue has allowed the company’s Sale Tax appeal against FBR.
The Commissioner held that since the action of the learned officer (Inland Revenue) is totally based on assumption and presumption, lack of reasoning and short of evidence regarding allegation of issuance of fake invoices, the impugned order passed by the Deputy Commissioner Inland Revenue is not sustainable in the eyes of law hence directed to be annulled.
To recall, a news website had allegedly accused Hascol of evading sales tax worth Rs. 3.6 billion, and further tax amounting to Rs.279 million, claiming that the potential proof lied with its parent company. However, Hascol firmly denied its involvement in any fraud, saying that the news was spread to malign the company’s name and growth.
Consequently, the company filed a Constitution Petition before Sindh High Court against the Federal Board of Revenue (FBR), inter alia challenging the order issued by LTU Karachi for suspension of sales tax registration of the Company. Upon directions of the Sindh high Court, the Commissioner-Inland Revenue, FBR provisionally revoked the suspension of sales tax registration of the Company.
