Out-of-pocket purchase: Probe launched against two property investors
FBR body investigating into source of income and bank records
FBR body investigating into source of income and bank records. CREATIVE COMMONS
ISLAMABAD:
The Federal Board of Revenue’s (FBR) Directorate of Intelligence and Investigation has launched an investigation into the sources of income of two individuals who purchased property in Islamabad worth Rs920 million without having any known source of income.
As part of an ongoing campaign against property investors who use black money for investments, an investigation assigned to I&I-IR Karachi office which stated that two individuals from Karachi, residents of Clifton, made an investment to buy a commercial plot for construction of a multi-story tower in Blue Area, Islamabad.
The two persons paid out a total amount of Rs920 million within two months of acquiring the plot number 59 on main Jinnah Avenue. All the payments were made through banking instruments. Payments made in April this year were drawn on Habib Metropolitan Bank and payments in the month of May were drawn on Bank Alfalah Limited.
Investigation revealed that the two individuals are mother and son and have no declared sources to make such a huge investment.
The tax profile of both the investors showed that the mother holding NTN 2313530-1 filed a return of income for tax year 2009 declaring her income (blank) and remains a non-filer from the date of registration till date. Similarly, her son had also obtained an NTN 3826566-4 but has not filed any return.
The investigating authorities are planning to go through banking records of the two individuals, who are reportedly linked to an influential person, to check flow of funds and will also launch discreet inquiries about other immovable assets acquired by the two individuals.
Published in The Express Tribune, October 27th, 2015.
The Federal Board of Revenue’s (FBR) Directorate of Intelligence and Investigation has launched an investigation into the sources of income of two individuals who purchased property in Islamabad worth Rs920 million without having any known source of income.
As part of an ongoing campaign against property investors who use black money for investments, an investigation assigned to I&I-IR Karachi office which stated that two individuals from Karachi, residents of Clifton, made an investment to buy a commercial plot for construction of a multi-story tower in Blue Area, Islamabad.
The two persons paid out a total amount of Rs920 million within two months of acquiring the plot number 59 on main Jinnah Avenue. All the payments were made through banking instruments. Payments made in April this year were drawn on Habib Metropolitan Bank and payments in the month of May were drawn on Bank Alfalah Limited.
Investigation revealed that the two individuals are mother and son and have no declared sources to make such a huge investment.
The tax profile of both the investors showed that the mother holding NTN 2313530-1 filed a return of income for tax year 2009 declaring her income (blank) and remains a non-filer from the date of registration till date. Similarly, her son had also obtained an NTN 3826566-4 but has not filed any return.
The investigating authorities are planning to go through banking records of the two individuals, who are reportedly linked to an influential person, to check flow of funds and will also launch discreet inquiries about other immovable assets acquired by the two individuals.
Published in The Express Tribune, October 27th, 2015.