ISLAMABAD: The Federal Board of Income (FBR) has picked the case of anchor individual Imran Riaz Khan asking for revenue tax audit.
Doc out there with this scribe state that Commissioner Inland Income Zone-II Noman Malik has served discover on Imran Riaz Khan with regard to number of case for audit u/s 177 of the revenue tax ordinance , 2001 for the tax 12 months 2020.
“You may have filed return of complete revenue for the 12 months underneath reference declaring revenue at Rs 15.5 million and your case for the Tax Yr 2020 has been chosen for audit of your revenue tax affairs u/s 177 of the Earnings Tax Ordinance, 2001 for the next causes,” the discover reads.
It additional says that as per Wealth Assertion, the anchor individual has declared liabilities amounting to Rs. 25.4 million.
“Whether or not the mentioned quantity was acquired by crossed cheque or not must be seemed into in view of the provisions of Part 39(3) & 34(5) of the of Earnings Tax Ordinance. 2001,” the discover reads.
The discover states that Khan has declared residential property ‘Plot No 65 Millat Tractors Workers Society – Residential Plot 2 /Canals Lahore’ amounting to Rs 36.5 million, nonetheless, within the tax 12 months 2021 he declared “65 , 66 Millat Tractors Housing Society Lahore – Residential Home Constructed” at Rs. 32.5 million.
“It clearly transpires that regardless of addition in property No 66 and price of development, calculation of the property has been decreased. This side must be verified u/s 111 of Earnings Tax Ordinance, 2001 for concealment of price and development bills,” the discover reads.
The discover reads that Khan has added 72 kanals of agricultural land located at ‘Moza Ratni Wal Tehsil Ferozewala’ District Sheikhupura amounting to Rs 7.4 million.
“This must be checked whether or not the mentioned agricultural property is asserted at price in accordance with regard to Part 76 of Earnings Tax Ordinance. 2001”.
“You may have declared agricultural land- however no agricultural revenue has been declared for the 12 months, which must be verified”, the discover mentions.
“The Deputy Commissioner Inland Income involved shall contact you for conducting Audit earlier than Could 15, 2022 and it’s hoped that you’ll absolutely cooperate with the Audit proceedings. Please be assured that if no discrepancy is noticed, the audit proceedings can be dropped with out hesitation,” the discover added.
When contacted, Imran Riaz Khan mentioned that he has not acquired the discover as but as it might have been dropped at his outdated tackle.
“My tackle is up to date in My ID card,” he added.