KARACHI: The Federal Board of Revenue’s intelligence wing-Inland Revenue has start investigating the source of investment made by a woman, who is owner of 11 immovable properties in Karachi.
Sources said that the Directorate of Intelligence and Investigation-IR is investigating the undeclared income, causing loss of revenue amounting to over Rs 42.49 million by a female individual of Karachi.
The agency has found that she is engaged in sale/purchase of immovable properties and gain/loss on the sale of properties is adventure trade in nature and is liable to tax.
According to the information collected by the I&I-IR, the woman was involved in evasion of tax by declaring inaccurate particulars of her income. An exhaustive investigation led to discover various discrepancies in the returns of income filed by the taxpayer for the tax year 2012 and 2013. It came to light that the taxpayer declared business capital of Rs 7, 349,500 in a number of businesses but neither disclosed the names of such businesses nor declared any income there from.
Investigation report of the agency has been sent to RTO-III, Karachi, for taking action under u/s 122(5) read with section 111 of the Income Tax Ordinance, 2001 and to retrieve the loss of revenue of Rs 42.49m.
