It is leant that the Intelligence and Investigation IR Islamabad had conducted raid on the head office of NTS on the intelligence report of alleged tax evasion. After scrutiny of record, it was found that directors of the company were involved in evasion of both income tax and sales tax. The agency had found massive discrepancies during examination of the tax records of the said organization.
In order to cross-check their receipts and declarations in tax returns, bank account statements were obtained from different banks under section 176 of Income Tax Ordinance, 2001 and massive discrepancies therein were noted. In order to further authenticate the observations, the record at business premises was taken into custody. The business premises of the said company were searched under section 175 of Income Tax Ordinance, 2001 which empowers the officers of Federal Board of Revenue to have full and free access to premises, place, accounts, documents, computers or any other inventory.
After taking into possession of the record, further evidence was gathered, which includes foreign currency accounts which were not declared in their tax returns. Similarly, the records of directors were also scrutinized where sources of investment vis-à-vis their declarations are also found mismatching.
Copyright Business Recorder, 2017