The Securities and Change Fee of Pakistan (SECP) in its reply to the joint investigation team’s (JIT) application to the Supreme Court has denied all allegations levelled towards it by the investigating staff.
Notably referencing the JIT’s assertion that the investigation into the Chaudhry Sugar Mills was closed in 2016, the SECP labels the accusations as “completely incorrect and unfounded”.
Additional laying the blame on the staff investigating, the SECP’s written response learn: “The JIT has error in comprehending the factual points and misinterpret the report…”
In one other surprising twist to the entire Panamagate investigation, the SECP turned the tables on the JIT by alleging that the witnesses may need misattributed statements in entrance of the investigating physique beneath duress. “Apparently any assertion attributed to the officers could also be [the] results of coercion and stress which can’t be considered in views of information and data,” learn the response.
In an identical response to the JIT’s software, the Federal Board of Income (FBR) negated the accusations positioned on it, stating that it has “absolutely cooperated with the JIT and offered all data which have been obtainable with it”.
Particularly mentioning the cost that the FBR kept away from submitting the requested paperwork of their entirety, the income amassing authority’s reply states: “Report was submitted to the JIT in piecemeal as a result of document was requisitioned by [the] JIT in piecemeal foundation”.
It goes on to state quite a few causes as to why sure data weren’t offered, which ─ in line with the FBR ─ are because of the information that the regulation didn’t require people to file the paperwork in sure years, some people weren’t registered as taxpayers throughout particular yr and that a few of the requested data weren’t out there with the FBR.
The Board additionally notes that the wealth tax regulation was repealed after 2001 as a consequence of which the actual returns might solely be submitted as much as 2001-02.
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