ISLAMABAD - Imran Khan gained nothing by not disclosing to the authorities in Pakistan and the apex court the utilisation of 100,000 pounds retained by the directors/shareholders of Niazi Services Limited as it was not taxable, the Supreme Court was told.

Imran Khan’s counsel, Naeem Bukhari, on Monday filed revised concise statement on behalf of Pakistan Tehreek-e-Insaf Chairman Imran Khan regarding 100,000 pounds, which were retained by the directors/shareholders of NSL from the sale of the London flat.

The position earlier taken qua the remaining 100,000 pounds retained by the NSL in 2003 was based on memory, incorrect advice, absence of the requisite record, and lack of documentary information.

He reiterated that any income from the sale of the London flat was not taxable in Pakistan. However, all and any amount remitted by Jemima Khan or the NSL was duly declared in Pakistan, Bukhari said.

He said Imran Khan contested election for the National Assembly in October 2002 and remained holder of public office till the expiry of constitutional term of that assembly.

Bukhari informed the apex court Imran Khan did not contest 2008 elections, but contested 2013 elections and remained a holder of public office till date.

In Pakistan Imran Khan had bank accounts in Alfalah Bank and Allied Bank. These were in Pak rupee, US dollar, Euro and pound sterling, Bukhari told the Supreme Court.

He said the NSL continued litigation with the tenant without reference to Imran Khan to recover unpaid rent and other costs. A settlement was reached with the tenant after litigation in Amsterdam and the NSL was also operating a Euro currency account.

The income tax authorities assessed the tax payable by Imran Khan for the year ending 30 June, 2003. The income tax returns have already been submitted to the apex court, Bukhari said.

Imran Khan received a total of 42,456 Euros from the NSL in two tranches of 20,000 Euros and 22,456.7 Euros on July 4, 2007, and March 4, 2008.

This amount too was converted officially into Pak rupees and declared to the tax authorities, the PTI chairman’s counsel told the apex court.

A bank account in Euros had been operated by the directors/shareholders to receive payments from the former tenants in terms of the settlement.

They were not required to be declared to the ECP as Imran Khan ceased to be a member of the National Assembly in October 2007, Bukhari informed the court. The records of the NSL available with the successor to Barclays (Private) Trust have now been received.

By 2012, nothing was receivable and the demand to give more money by the shareholders/directors of the NSL was refused.

Bukhari stated that according to Imran Khan, the NSL was de-notified in 2012 and its paper existence came to an end for non-filing of annual returns.