The Directorate General of Intelligence and Investigation Inland Revenue (IR) Lahore has allegedly unearthed massive tax evasion and under-declaration of sales by a leading furnisher company located at G T Road Gujrat. According to the details, the agency's officers, who raided the business premises of the company, were made hostage by the company staff. The officials/staff of the said company intercepted and burnt and destroyed the record. The agency has lodged an FIR against the intercepting staff of the company.
Directorate General of I&I-IR Lahore office gathered credible information that the said furnisher outlet at G T Road Gujrat is involved in massive evasion of sales tax by making out-of-books sales and parking those sales proceeds in various bank accounts of the business AOP and its members. The members of Furnishers were found having no other source of income except shares from the said AOP. Besides receipts of huge amounts of foreign remittances were also found in their personal accounts. It transpired that the said company is siphoning off money abroad and then the same is received by members of the AOP in their personal accounts.
Information about bank accounts of the AOP was gathered which reflected huge difference between bank credits and declared business sales as per Sales Tax Returns. The unit is involved in suppression of sales to the tune of Rs 1,349,961,845. There is massive under-declaration of sales as the amounts of sales credits in various bank accounts of the taxpayer and its Benami bank accounts are Rs 1,522,719,207 compared to declared sales of Rs 172,757,362.
Subsequently action under section 40 of the Sales Tax Act 1990 was carried out and during search 50 computers, cheque books/bank records, 70 files related to sales records and 30 miscellaneous files were seized but were intercepted and burnt and destroyed by the officials/staff of the said company and the raiding team was made hostage. Accordingly police support was obtained for rescue. However with the help of police 14 computers and 10 miscellaneous files were seized. An FIR against the intercepting staff of Furnishers has been lodged. Further scrutiny of the resumed record is under way in this regard and the outcome will be intimated accordingly.