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FBR seeks detail of ‘undisclosed assets’ from Akram Sheikh

FBR seeks detail of ‘undisclosed assets’ from Akram Sheikh

ISLAMABAD: After withdrawal of its earlier order about freezing bank accounts, the Federal Board of Revenue (FBR) has sought explanation from noted lawyer Akram Sheikh over non-disclosure of his property in wealth statement of 2017.

According to the notice, “This office (FBR) is in possession of definite information, your deemed assessment order by the operation of law u/s 120 of the Income Tax Ordinance, 2001 needs alteration, addition, amendment of assessment, being under assessed/escaped assessment, as your income has not been charged to correct amount of tax in terms of Section 122(1) read with Section 122(5) of the Income Tax Ordinance, 2001 for the reason as there is non-declaration of Property (PLOT NO.17 BLOCK-A PARK ENCLAVE-II, CDA ISLAMBAD).The property was not disclosed in your Wealth Statement for said tax year under consideration.”

“Therefore, you have deliberately concealed the investment made in above mentioned asset meaning thereby you have will fully avoided to file true particulars of your income chargeable to tax; rather you have managed to conceal your income. You are requested to explain your position and submit written explanation dully substantiated with documentary evidence. Please note that in case of failure or unsatisfactory reply the undersigned shall be constrained to adopt your investment in property as your unexplained income. Through this notice you are hereby show caused, as to why the investment made in undeclared property as discussed above, may not be added in your income in accordance section 111(1)(b) read with section 111(3) of the Income Tax Ordinance, 2001, in your total income for the tax year under consideration by treating the said investment as “Income From Other Sources.” “Date of Compliance is 19-12-2018,” read the FBR notice received by Akram Sheikh.

Earlier, the Lahore Inland Revenue deputy commission issued a letter to all concerned banks on November 27, wherein it is stated bank accounts were attached under Section 140 of the Income Tax Ordinance 2001 vide with office letter No 71/ 05 dated 20.11.2018.

Now the attachments in case only under Section 140 are hereby withdrawn with immediate effect.