A member of the Lahore High Court Bar Association (LHCBA) has approached the Lahore High Court (LHC) against the deduction of 0.01 percent tax on cash withdrawal of Rs 25,000 and above from banks under the directions of Central Board of Revenue (CBR).
The petitioner, M.D. Tahir prayed to the court to declare insertion of section 231-A in the Income Tax Act as illegal and unconstitutional. It was prayed to the court to suspend the operation of the impugned letter issued by the CBR directing all national banks for deducting the amount in question. It was contended that such action of the respondents would cause damage to the country's economy.
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