LAHORE: The Lahore High Court (LHC) on Friday allowed hundreds of petitions of taxpayers and set aside the impugned notices issued to them by the Federal Board of Revenue (FBR) under anti money laundering law.
The petitioners submitted through their counsel that the FBR issued them notices under the Anti Money Laundering Act 2010 for missing details of bank accounts in their income tax returns.
Anti-money laundering law: IHC explains a critical point through ruling
They argued that under the anti money laundering law non disclosure of banks’ details in the tax returns did not make it an offence.
They contended that the FBR lacked jurisdiction to invoke the anti money laundering law in the cases from the period before 2020.
Copyright Business Recorder, 2022