ISLAMABAD: The Directorate of Investigation and Intelligence, Inland Revenue of the Federal Board of Revenue (FBR) has traced and exposed millions of rupees income tax evasion in Islamabad.
Fazal Inam Sabir, a real estate dealer, not only evaded tax but also wrongly declared his assets and bank account details. Sources informed that Fazal had earned almost Rs 2 billion by selling 3000-kanal land, besides having commercial and residential plots in Defence Housing Authority, Zaraj Housing Society and Jeddah Town, Islamabad but he filed his tax return contrary to the income.
The sources added that Fazal has declared Rs 1.95 million income for the year 2013 and paid meager tax, while the FBR learnt that he has two more bank accounts in Muslim Commercial Bank and Askari Bank having Rs 1.27 billion in the deposit.
According to the filed tax returns, Fazal has property valued at Rs 22.1 million but the Directorate of Intelligence and Investigation while investigating the case found that Fazal Inam has property worth more than Rs 257 million, sources added.
While, Fazal Inam could not satisfy the investigation team about his source of income and actual assets on which IR Intelligence has asked the income tax department concerned to register and First Investigation report against the accused following the allegation of tax evasion and concealing the assets deceitfully.
