Latest news with #846
Business Recorder
4 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
TimesLIVE
6 days ago
- Automotive
- TimesLIVE
Musk warns of 'rough quarters' ahead as US EV tax credit ends
Tesla CEO Elon Musk said on Wednesday US government cuts in support for electric vehicle (EV) makers could lead to a 'few rough quarters' for the company before a wave of revenue from self-driving software and services begins late next year. Shares fell nearly 5% after Musk responded on a quarterly results conference call to questions about new US government policies under President Donald Trump. Musk's EV maker posted the worst quarterly sales decline in more than a decade and profit that missed Wall Street targets, but its profit margin on making cars was better than many feared. Musk is pursuing autonomous driving to power privately-owned vehicles as well as robotaxis it plans to put into production next year. In the meantime, it is working on a new, cheaper car, though CFO Vaibhav Taneja said production would ramp up next quarter, slower than expected. It produced initial units by the end of June. The company did not provide an update on its full-year deliveries forecast, citing the economy and timing of the new car rollout. 'Tesla's disappointing results aren't surprising given the rocky road it's travelled recently,' said eMarketer analyst Jacob Bourne. 'A truly affordable model will hit the bullseye in boosting sales if Tesla can effectively position it right without detracting from its higher-priced models.' The second straight quarterly revenue drop, with a 12% fall, comes despite the launch of a refreshed version of its best-selling Model Y SUV that investors had hoped would help revive demand. A 51% dive in sales of automotive regulatory credits, which other carmakers who have difficulty complying with government emissions rules buy from Tesla, also hurt revenue and profit. Revenue fell to $22.5bn (R395.55bn) for the April-June quarter from $25.50bn (R448.27bn) a year earlier, slightly behind analyst targets compiled by LSEG. Adjusted profit per share of 40c (R7.03) lagged the Wall Street consensus. The automotive gross margin, which excludes regulatory credits, was 14.96%, above Wall Street estimates, helped in part by lower cost per vehicle. Pricing and margins are important as Tesla wrestles with demand and faces falling government support. Tesla global deliveries dropped 13.5% in the second quarter and the US government later this year is cutting $7,500 (R131,846) tax credits for EV buyers. 'We probably could have a few rough quarters,' Musk said, when asked about the credits. 'I'm not saying we will, but we could — Q4, Q1, maybe Q2, but once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I think I'd be surprised if Tesla's economics are not compelling.' Tesla said in April it would start producing the more affordable model by the end of the first half and sources told Reuters the vehicle, a stripped-down version of its Model Y SUV, would be delayed by at least months. Tesla on Wednesday did not disclose any details of the model, how many units it had made or how it would be priced. Musk responded to a question of what the vehicle would look like by saying, 'It's just a Model Y', joking that he 'let the cat out of the bag there'. Tesla's line-up is relatively old, despite a recent refresh of the flagship Model Y, and it faces rising competition from cheaper EVs, especially in China, and a persistent backlash against Musk's far-right political views. The company also said it continued to expect volume production of its custom-built robotaxi — called the Cybercab — and Semi Truck in 2026. Much of the company's trillion-dollar valuation hangs on its bet on its robotaxi service — a small trial of which was started in Austin, Texas, last month with about a dozen Model Y SUVs — and on its development of humanoid robots. 'Autonomy is the story,' Musk said on the conference call, describing plans to roll out autonomous ride hailing to about half of the US population by the end of this year. Tesla is looking for robotaxi regulatory approval in the San Francisco Bay Area, Nevada, Arizona, Florida and other places, he said, and the company is close to getting regulatory approval for supervised Full Self-Driving driver assistance software in the Netherlands. The robotaxi business was likely to have a material impact on financials around the end of next year, Musk said. Investors are concerned about whether Musk will be able to devote enough time and attention to Tesla after he locked horns with Trump by forming a new political party this month. He had promised weeks earlier he would cut back on government work and focus on his companies. A series of high-profile executive exits, including a longtime Musk confidant who oversaw sales and manufacturing in North America and Europe, is also adding to the concerns.
Gulf Insider
11-07-2025
- Gulf Insider
Jail Terms Upheld For Sisters In Credit Card Fraud Case
Two sisters have lost their appeal after being convicted of helping run a credit card scam, acting on instructions from a man based overseas who used them to buy and resell dozens of mobile phones using stolen card details. The Supreme Criminal Appeals Court upheld their convictions for fraud and money First High Criminal Court had earlier handed down four-year prison sentences to both women and fined them BD100,000 each. The court also ruled that they be deported after completing their sentences. Overseas Mastermind The man behind the scheme, who was prosecuted in his absence, was sentenced to six years in prison and fined BD100,000. The court also ordered the seizure of BD21,846 and 639 fils, which was traced to the proceeds of the illegal operation. Also read: Death Sentence For Killing Neighbor
Daily Tribune
09-07-2025
- Daily Tribune
Jail Terms Upheld for Sisters in Credit Card Fraud Case
TDT | Manama Two sisters have lost their appeal after being convicted of helping run a credit card scam, acting on instructions from a man based overseas who used them to buy and resell dozens of mobile phones using stolen card details. The Supreme Criminal Appeals Court upheld their convictions for fraud and money laundering. The First High Criminal Court had earlier handed down four-year prison sentences to both women and fined them BD100,000 each. The court also ruled that they be deported after completing their sentences. Overseas Mastermind The man behind the scheme, who was prosecuted in his absence, was sentenced to six years in prison and fined BD100,000. The court also ordered the seizure of BD21,846 and 639 fils, which was traced to the proceeds of the illegal operation.
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New Straits Times
09-07-2025
- Business
- New Straits Times
MARKET PULSE AM JULY 9, 2025 [WATCH]
KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Bursa Malaysia opened higher on Wednesday, snapping a two-day losing streak and mirroring gains across regional markets. However, the local market remained under pressure, with the key index closing just above the 1,530 level yesterday. The selling was likely driven by foreign funds, which have been reducing their holdings since Monday ahead of today's tariff deal expiry. The FBM KLCI is expected to stay within the 1,520 to 1,530 range. In the crypto market, Bitcoin climbed to RM459,846 amid US trade optimism. Ethereum rose to RM11,059, while Solana was up at RM641. That's it for Market Pulse.
