KARACHI: The Directorate of Intelligence and Investigation, Inland Revenue, Federal Board of Revenue has recovered some Rs 250 million more from Bonanza Garments Industries Pvt Limited, alleged to have involved in suppression of sales tax, it is learnt.
It is recalled here that the intelligence authorities in the recent past had also recovered Rs 250 million from the Bonanza Garments Industries Pvt Ltd. The sources told Customs Today that the Directorate of Intelligence and Investigation – IR received credible information of suppression of sales tax by Bonanza Industries.
The investigators conducted successful raid on Bonanza Garments Industries (head office) last month and unearthed a significant amount of suppression of sales about Rs 250 million by the company for the period of July 2013 to June 2015. And, the authorities from both sides negotiated and resulted in recovery of total amount of evaded taxes worth Rs 500 million.
The raiding party managed to seize (under seizure memo) bank statements, registers and records in respect of bank record, journal vouchers expenditures and other related issues. The team also acquired soft data and hard copies of sales tax invoices in respect of clients for the period July 2013 to June 2015.
After initial scrutiny of the seized record, it has been found by the tax authorities that Bonanza was involved in a significant amount of suppression of sales while further anomalies of the company are being investigated, sources added.
