ISLAMABAD: The Federal Board of Revenue (FBR) has picked the case of anchor person Imran Riaz Khan asking for income tax audit.
Document available with this scribe state that Commissioner Inland Revenue Zone-II Noman Malik has served notice on Imran Riaz Khan with regard to selection of case for audit u/s 177 of the income tax ordinance , 2001 for the tax year 2020.
“You have filed return of total income for the year under reference declaring income at Rs 15.5 million and your case for the Tax Year 2020 has been selected for audit of your income tax affairs u/s 177 of the Income Tax Ordinance, 2001 for the following reasons,” the notice reads.
It further says that as per Wealth Statement, the anchor person has declared liabilities amounting to Rs. 25.4 million.
“Whether the said amount was received through crossed cheque or not needs to be looked into in view of the provisions of Section 39(3) & 34(5) of the of Income Tax Ordinance. 2001,” the notice reads.
The notice states that Khan has declared residential property ‘Plot No 65 Millat Tractors Employees Society – Residential Plot 2 /Canals Lahore’ amounting to Rs 36.5 million, however, in the tax year 2021 he declared “65 , 66 Millat Tractors Housing Society Lahore – Residential House Constructed” at Rs. 32.5 million.
“It clearly transpires that despite addition in property No 66 and cost of construction, calculation of the property has been reduced. This aspect needs to be verified u/s 111 of Income Tax Ordinance, 2001 for concealment of cost and construction expenses,” the notice reads.
The notice reads that Khan has added 72 kanals of agricultural land situated at ‘Moza Ratni Wal Tehsil Ferozewala’ District Sheikhupura amounting to Rs 7.4 million.
“This needs to be checked whether the said agricultural property is declared at cost in accordance with regard to Section 76 of Income Tax Ordinance. 2001”.
“You have declared agricultural land- but no agricultural income has been declared for the year, which needs to be verified”, the notice mentions.
“The Deputy Commissioner Inland Revenue concerned shall contact you for conducting Audit before May 15, 2022 and it is hoped that you will fully cooperate with the Audit proceedings. Please be assured that if no discrepancy is observed, the audit proceedings would be dropped without hesitation,” the notice added.
When contacted, Imran Riaz Khan said that he has not received the notice as yet as it may have been dropped at his old address.
“My address is updated in My ID card,” he added.