ISLAMABAD: The Supreme Court has decided to conduct daily hearings in the ‘super tax’ case.
Justice Aminuddin Khan stated that Justice Aamer Farooq had already given a verdict on the matter in the Islamabad High Court, adding that Justice Farooq cannot preside over the case in the Supreme Court.
The bench hearing the case was dissolved, causing a temporary delay in proceedings, and a new five-member bench will also be constituted to hear this case. Company lawyers requested the court to postpone the hearing until after Eid-ul-Fitr, but the court rejected the plea.
“This case will not be completed by Eid,” remarked Justice Muhammad Ali Mazhar, stressing that those willing to proceed with the case should be allowed to do so. “At the very least, the hearings should begin,” he added.
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Justice Mazhar further directed that separate paper books be prepared for judicial rulings on Sections 4B and 4C of the relevant tax laws. The court also granted the parties time to secure legal representation.
In November last year, the federal government moved to challenge an IHC stay order in the SC against a 15 percent additional income tax on banks’ excessive lending to the finance ministry. The Federal Board of Revenue (FBR), facing a PKR190 billion shortfall, struggled to recover PKR1.03 trillion.
The IHC had granted relief to Askari Bank, setting a precedent for others to follow. The tax, reinstated in 2024, aimed to encourage banks to lend to industries rather than the government.