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Business Recorder
5 days ago
- Business
- Business Recorder
SC rejects Commissioner IR's plea against LHC order
ISLAMABAD: The Supreme Court dismissed the petition of Commissioner Inland Revenue against the Lahore High Court (LHC) order, saying the findings on facts does not suffer from any illegality or error. The petitioner department had assailed the LHC, Rawalpindi bench's order dated 26.03.2025, whereby, reference application filed under Section 47 of the Sales Tax 1990 by the petitioner against the order dated 4.01.2024 passed by the Appellate Tribunal Inland Revenue (ATIR), Islamabad, was dismissed. A two-judge bench of Justice Munib Akhtar and Justice Aqeel Ahmed Abbasi heard Commissioner Inland Revenue's appeal. The court noted that the show cause notice and the Order-in-Original passed by the Assistant Commissioner Inland Revenue in the instant case, against the respondents (M/s Mustafa Enterprises) are based on vague and frivolous allegations and certain conclusions have been made on mere presumptions only, whereas, no material or evidence has been produced to substantiate the same. The court further noted that while passing the Order-in-Original, the Assistant Commissioner Inland Revenue exceeded his jurisdiction while travelling beyond the very premises and the allegations made in the show cause notice, whereas, the respondents were never confronted with any such allegations or entries as reflected in the bank statement which were subsequently furnished by the respondents, showing the details of the total amount and the particulars of suppliers from whom purchases were made. It observed that while initiating the proceedings against the respondents, there was no material or evidence available on record to make out a case against the respondents of illegal or inadmissible claim of input tax adjustment, whereas, the entire proceedings and the Order-in-Original passed in the instant case was based on presumptions, whereas, no inquiry or verification was made by the department in respect of alleged fake/flying invoices. The SC judgment said that the ATIR and the Division Bench of LHC were justified to set aside both the Order-in-Original and the Order-in-Appeal, while recording concurrent findings on facts which does not suffer from any illegality or error. The proceedings in the instant matter were initiated by Deputy Commissioner Inland Revenue Unit-IV Cantt Zone RTO, Rawalpindi vide show cause notice dated 10.08.2021, whereby, the respondents were required to submit the record to prove as to whether the purchases made for the (Tax Period July 2019 to June 2020) amounting to Rs323,722,601 against which an amount of Rs55,032,846 was claimed as input tax, were actually made by them. It was further alleged in the show-cause notice that the record submitted by the respondents does not prove as to whether such purchases were actually made by the respondents during subject period, therefore, they have also failed to comply with the requirements of Section 73 of the Act. It was concluded that respondents did not purchase any coal from the local suppliers and unlawfully claimed input tax on the basis of fake/ flying invoices issued by the dubious suppliers, therefore, caused loss to the national exchequer to the tune of Rs55,032,846 by violating the provisions 6,7,8,22,23,26 and 73 read with Section 2(37) of the Act. Copyright Business Recorder, 2025
Time of India
29-05-2025
- Business
- Time of India
ITI shares surge over 18% in two days after Q4 loss narrows sharply
Shares of ITI surged more than 18% over the past two trading sessions after the company reported a sharp reduction in its quarterly loss. On Thursday, the stock rose 7.6% to ₹365.9 on the state-run company nearly turned profitable in the March quarter, posting a net loss of just ₹4.4 crore compared to ₹238.8 crore in the same period last year. The improvement was supported by an exceptional gain of ₹62.41 is the closest ITI has come to profitability since March 2022, when it reported a net profit of ₹356 rose 74% year-on-year to ₹1,045.7 crore, up from ₹601 crore in the corresponding quarter last year. EBITDA loss also narrowed significantly to ₹28.2 crore, from a loss of ₹173.8 crore in the year-ago period. ITI remains a tightly held PSU stock, with the government owning a 90% stake as of the March quarter. Of the remaining public shareholding, the Special National Investment Fund holds 7.9%, resulting in a limited free float. While ITI shares have gained 46% over the past three months, they are down 6% so far in 2025. The company's market capitalisation currently stands at ₹34,673 crore.
Mint
28-05-2025
- Business
- Mint
ITI shares surge 9% as Q4 loss narrows sharply, revenue jumps nearly 74%
Shares of ITI Ltd rallied sharply on Wednesday, May 28, climbing as much as 9 percent in intra-day trade after the company reported a substantial improvement in its March quarter earnings. The stock touched a high of ₹ 336.75, marking its strongest level since January 30, 2025. Investor confidence was bolstered by ITI's March 2025 quarter results, which showed a significant reduction in net losses and a robust improvement in revenue. The company reported a net loss of just ₹ 4.4 crore, compared to a steep ₹ 239 crore loss in the corresponding quarter of the previous year. Revenue for the quarter surged 73.9 percent year-on-year, reaching ₹ 1,046 crore from ₹ 601 crore in Q4FY24. Furthermore, EBITDA loss narrowed to ₹ 28.2 crore from ₹ 174 crore, indicating a meaningful improvement in the company's operational performance. In addition to the strong earnings, ITI announced that its Board of Directors approved the allotment of equity shares on a preferential basis to the President of India, against a CAPEX infusion of ₹ 59 crore in line with a BIFR Order dated January 8, 2013. Founded in 1948, ITI Limited is India's first public sector undertaking (PSU) in the telecommunications space. Over the years, it has built a strong manufacturing footprint with facilities in Bengaluru, Naini, Rae Bareli, Mankapur, and Palakkad, and a dedicated R&D centre in Bengaluru. The company also operates 11 Marketing, Services & Projects (MSP) centres across India in cities such as Mumbai, Chennai, Hyderabad, Kolkata, Delhi, and Chandigarh, among others. ITI's diverse product portfolio includes advanced telecom and defence equipment such as Gigabit Passive Optical Networks (GPON), Managed Leased Line Network (MLLN) products, Wi-Fi access points, encryption units, smart energy meters, smart cards, and mini PCs. It also manufactures passive infrastructure products like optical fibre cables, HDPE ducts, and antennas. Following Wednesday's rally, ITI shares were trading 43 percent below their 52-week high of ₹ 592.85, hit in January 2025. However, the stock has recovered significantly from its 52-week low of ₹ 210.20, touched in October 2024—marking a rebound of over 60 percent. Over the past year, the PSU stock have declined 8.5 percent, but recent months have shown a turnaround. The stock has gained 29.5 percent in May alone, following a 2.5 percent rise in April and a 1.2 percent gain in March. Prior to this recovery, it had shed 16 percent in January and 24 percent in February. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Express Tribune
09-05-2025
- Business
- Express Tribune
SBP reserves strengthen by $118m
Listen to article The State Bank of Pakistan (SBP) reported a week-on-week increase of $118 million in its foreign exchange reserves, taking the total to $10.3 billion as of May 2, 2025. According to the latest data released on Thursday, Pakistan's total liquid foreign reserves stood at $15.5 billion, including $5.2 billion held by commercial banks. The uptick in SBP reserves signals improved external account stability, offering some relief amid ongoing economic challenges. While the central bank did not specify the source of the increase, such gains are typically attributed to inflows from multilateral institutions, exports, or remittances. Gold prices in Pakistan declined on Thursday, mirroring a downward trend in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs4,200 per tola, bringing it down to Rs352,700 in the local market. Similarly, the rate for 10 grams of gold dropped by Rs3,601, settling at Rs302,383. This followed a modest gain on Wednesday, when the price per tola had risen by Rs800, reaching Rs356,900. Internationally, gold prices also slipped on Thursday. The global rate stood at $3,343 per ounce (including a $20 premium), reflecting a $42 decrease for the day, as per APGJSA. Adnan Agar, Director at Interactive Commodities, commented on the recent decline in gold prices, stating, "As news emerges regarding ongoing China-US trade talks, we are seeing downward pressure on gold. Market sentiment is shifting towards risk-on assets, reducing the appeal of safe havens like gold." Gold prices inched lower on Thursday, ahead of US President Donald Trump's likely announcement of a trade deal between the United States and Britain. Spot gold was down 0.1% to $3,362.19 an ounce as of 1318 GMT, after rising 1% earlier in the session. US gold futures slipped 0.7% to $3,368.50. "The gold market has been very volatile. What you're seeing are short-term investors buying and selling based on news headlines," said Jeffrey Christian, managing partner of CPM Group. Meanwhile, the Pakistani rupee recorded a slight depreciation against the US dollar for the fifth day in a row, edging down by 0.02% in the interbank market on Thursday. By the end of the trading day, the rupee settled at 281.52, marking a minor loss of Rs0.05 compared to Wednesday's closing rate of 281.47. On the global front, the US dollar remained firm against the euro on Thursday, maintaining gains from the previous daythe strongest in two weeksafter the Federal Reserve highlighted growing economic risks from elevated inflation and rising unemployment.
Business Recorder
08-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs4,200 in Pakistan
Gold prices in Pakistan fell on Thursday in line with their decline in the international market. In the local market, gold price per tola reached Rs352,700 after it lost Rs4,200. Similarly, 10-gram gold was sold at Rs302,383 after it registered a decline of Rs3,601, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola reached Rs356,900 after it gained Rs800. Moreover, the international rate of gold also increased on Thursday. As per APGJSA, the rate was at $3,343 per ounce (with a premium of $20), a decrease of $42 during the day. Likewise, silver price per tola decreased by Rs65 to settle at Rs3,417.
