KARACHI: The Federal Board of Revenue (FBR)’s wing, Directorate of Intelligence & Investigation-Inland Revenue (I&I-IR) Karachi has raided Chase Up shopping city for evading taxes and under-declaring their revenues, profit and assets.
According to details, the special team of I&I-IR, Karachi, on the instructions of Deputy General (DG) IRS, Khawaja Tanveer Ahmad, has conducted an exclusive raid on the premises of the Chase Up Shopping City head-office on Thursday and confiscated important record from representatives of the Departmental stores’ chain. Chase Up is a family owned business which was founded in 1984, the company falls under the category of discounting in the retail sector.
Sources informed customnews.pk that I&I-IR gathered information that the company is operating 5 stores in Karachi, selling a wide variety of clothing, footwear, Groceries, house wares, ladies fabrics and health and beauty products and allegedly involved in hiding their assets in a bid to avoid taxes. Sources said that the special team conducted a raid on alleged tax evasion about Rs 20 million by the departmental stores’ chain.[the_ad id=”31605″]In this backdrop a duly authorized team comprising Deputy Director, Saeed Imam Mujeeb A Nasir, Assistant Director Audit and Saeed Khan Auditor exercised powers under Section of Sales Tax Act 1990 and Section 175 of Income Tax Ordinance 2001 and visited the head office of Chase Up Shopping City which was not declared by the registered person Salman Associates and camouflaged under the banner of an educational institution situated at Plot no 139-Q Block 2 PECHS Kashmir Road Karachi, sources added.
Sources said that the representatives of the registered person were initially reluctant to receive the notices, however, after a long delay security incharge received the subject notices in the presence of Zafar Sddiqui consultant.
‘The persons related to account branch were not allowed to respond the queries of visiting team by the owners of the company, said sources.
The accounting system of the company was working under specific computer program linked with their chain of retail stores.
The visiting team resumed some selected record/box files and loose papers already generated computer reports statements and soft data from their server The record were resumed under proper resumption memo under proper acknowledgement of by representatives of registered person scrutiny of record is underway and outcome will be communicated in due course of time incident report is submitted for onward transaction.