Daily The Business

Tax evasion of Rs 10.50m

Indus Conductor & Cable Industries properties attached

FBR to conduct raids to arrest directors to recover balance tax amount: Sources

M Jahngir Hayat

LAHORE: The Federal Board of Revenue (FBR) has attached all the
property of Indus Conductor & Cable Industries as the company has
failed to pay Rs 10.50 on account of Income tax for the tax year 2006.

The FBR has prohibited and retrain the company from transferring its
immovable property at the Sheikhupura Road, Sheeikhupura or subjecting
the change in any manners.

Meanwhile, an FBR team constituted by deputy commissioner Umer Zeb
Khan has recovered over Rs 9.76 million from the accounts of the
company from various bank branches. The team also included inspectors
Imran Zedi and others.

The Board seized the company’s bank accounts in Habib Bank Limited and
JS bank at Kahirpur.

Sources told Daily The Business that the company is currently
defaulting a balance of Rs 1.5 million and the FBR team is making
efforts to recover the balance amount of tax due to the company.

The sources further said that after March 30 the Board will arrest
the directors to recover the balance amount if the directors fail to
deposit the balance tax amount.

The sources said that the company directors including Malik Muhammad
Aslam, Munir Ahmed, Shahbaz Ali, Muhammad Mosa, Faiz Muhammad and
Allah Rakha have been declared absconders.

The Earlier, the Commissioner Appeal and Income Tax Tribunal have
rejected the company’s appeals.

The FBR deputy director has also written to the DG LDA, Lahore, AC
Sheikhupura , Excise and Taxation, Lahore, Assistant Registrar
Sheikhupura and directors of the company to refrain from any type of
transfers concerning the property number 1103 in district Sheikhupura.

The FBR has also offered the company directors an opportunity to
deposit the principal amount on or before 11.03. 2019.

The company was also demanded proof if the company had made payment of
the taxes.

The company is a private limited company and was liable to be charged
under section 121 of income tax Ordinance , 2001  which was upheld by
CIR appeal, however, despite considerable time no payment was paid by
the taxpayers  till November 2018.

The FBR considering the willful default by the company also issued to
the company show cause notices under section 205 (I) of the Ordinance.

However, no compliance was made and finally the FBR attached the
company’s all immovable property.

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