FBR Notice to Najam Sethi on May 22nd, 2013

DEPUTY COMMISSIONER INLAND REVENUE-AUDIT 01, ZONE II, REGIONAL TAX OFFICE, LAHORE. Tele No. 042-99214091 Dated:- May 22, 2013 To Mr. Najam Aziz Sethi C/O M/S Media Times Limited, 41-N GULBERG, LAHORE NTN. 0453890-7 Subject:- NOTICE U/S 182(2) OF THE INCOME TAX ORDINANCE, 2001 (THE ORDINANCE) TAX YEAR 2009 Please refer to the above subject. Consequent upon the order issued vide DCR No.07 dated 31 -05-2013 an amount of Rs. 49,471,666 was added in your income on account of investment in property through unexplained sources of income. You were not able to submit any document in support of your contention that the property does not belong to you. You are also liable to pay penalty equal to 100% of the tax sough to be evaded on account of concealed investment in the purchase of an apartment, situated at Manhattan, New York, in terms of sr. no.12 of Section 182(1) of the Ordinance, as follows: Total un-explained / concealed investment in purchase of an apartment as discussed above. Rs. 98,943,332 Addition of 1/2 of the un-explained / concealed investment in the purchase of an apartment Rs.49,471,666 Tax sought to be evaded @ 20% Rs.9,894,333 Penalty equal to 100% of the tax evaded Rs.9,894,333 You are requested to show cause that why not 100% penalty equal to the amount of tax short fall be imposed on you under sr.12 of the section 182(1) of the Ordinance. The due date and time of filing of reply and hearing is fixed as 07-062013 at 11:00 hours.

(USMAN ASGHAR) Deputy Commissioner Inland Revenue