ISLAMABAD: The Islamabad High Court (IHC) on Tuesday reserved its verdict in a high-profile case involving alleged multi-billion rupee tax fraud by a company which manufactures batteries.

Justice Babar sattar concluded hearings on the company`s petition challenging proceedings initiated by the Federal Boardof Revenue (FBR) following a search operation at its offices.

During arguments, FBR`s counsel Chaudhry Ihtasham maintained that the case was not one of mere tax evasion but a matter of fraud.

He informed the court that a challan had already been filed before the trial court in compliance with a Supreme Court order, but proceedings there hadstalled due to an IHC stay order.

Justice sattar noted that under a recent IHC notification, tax-related matters were to be heard by a division bench, and therefore, he could not continue the hearing.

However, the petitioner`s counsel, Farogh Nasim, argued that the case being part-heard, the single bench was competent to proceed. Staff Reporter