Retrospective tax penalties are ‘unlawful’: Supreme Court

• Says sanctions under ITO 2001 cannot apply to assessments governed by repealed law• Settles conflict between two previous rulings ISLAMABAD: The Supreme Court on Monday ruled that penalties imposed under the Income Tax Ordinance (ITO) 2001 for assessments completed before June 30, 2002 were illegal and legally unsustainable, emphasising that such penalties could not be applied retrospectively. A five-judge SC larger bench, headed by Justice Shahid Waheed, also resolved a conflict between two d...