AIRLINK 171.00 Decreased By ▼ -2.15 (-1.24%)
BOP 11.19 Increased By ▲ 0.54 (5.07%)
CNERGY 8.45 Decreased By ▼ -0.07 (-0.82%)
CPHL 100.17 Increased By ▲ 2.71 (2.78%)
FCCL 46.60 Decreased By ▼ -0.65 (-1.38%)
FFL 15.25 Decreased By ▼ -0.17 (-1.1%)
FLYNG 27.79 Decreased By ▼ -0.34 (-1.21%)
HUBC 138.00 Decreased By ▼ -0.91 (-0.66%)
HUMNL 12.92 Increased By ▲ 0.11 (0.86%)
KEL 4.56 Increased By ▲ 0.02 (0.44%)
KOSM 5.40 Decreased By ▼ -0.15 (-2.7%)
MLCF 62.50 Increased By ▲ 0.24 (0.39%)
OGDC 213.15 Decreased By ▼ -1.60 (-0.75%)
PACE 5.43 Decreased By ▼ -0.12 (-2.16%)
PAEL 46.99 Increased By ▲ 2.13 (4.75%)
PIAHCLA 18.48 Decreased By ▼ -0.22 (-1.18%)
PIBTL 10.40 Decreased By ▼ -0.34 (-3.17%)
POWER 12.30 Increased By ▲ 0.04 (0.33%)
PPL 169.25 Decreased By ▼ -4.62 (-2.66%)
PRL 35.80 Decreased By ▼ -0.42 (-1.16%)
PTC 23.15 Decreased By ▼ -0.41 (-1.74%)
SEARL 96.30 Increased By ▲ 0.99 (1.04%)
SSGC 39.65 Increased By ▲ 0.52 (1.33%)
SYM 13.88 Decreased By ▼ -0.14 (-1%)
TELE 7.18 Decreased By ▼ -0.05 (-0.69%)
TPLP 10.01 Decreased By ▼ -0.28 (-2.72%)
TRG 63.38 Decreased By ▼ -1.30 (-2.01%)
WAVESAPP 10.06 Increased By ▲ 0.02 (0.2%)
WTL 1.32 Decreased By ▼ -0.01 (-0.75%)
YOUW 3.67 Decreased By ▼ -0.03 (-0.81%)
BR100 12,305 Decreased By -186.6 (-1.49%)
BR30 37,415 Decreased By -278.7 (-0.74%)
KSE100 114,853 Decreased By -1335.9 (-1.15%)
KSE30 35,217 Decreased By -533.1 (-1.49%)

ISLAMABAD: The Federal Board of Revenue (FBR) has extended time period up to December 31, 2024 for transfer of the appeals pending before the Commissioner Appeals, to Appellate Tribunal Inland Revenue (ATIR).

The amendments to the Finance Bill 2024 have been explained by Tola & Tola/Tola Associates.

According to the leading tax expert, the Bill had proposed to extend the deadline of the transfer of the appeals pending before the Commissioner Appeals, to the Appellate Tribunal Inland Revenue (“ATIR”), value of assessment of tax or refund whereof is more than Rs20 million, from June 16, 2024 to September 16, 2024.

The Amended Bill has proposed to extend the deadline up to December 31, 2024 and has deemed the clause to be effective from June 16, 2024.

The Bill had proposed to extend the deadline of the transfer of the appeals pending before the Commissioner Appeals, to the Hon’ble Appellate Tribunal Inland Revenue (“ATIR”), value of assessment of tax or refund whereof is more than Rs 20 million, from June 16, 2024 to September 16, 2024. However, a potential further anomaly had arisen due to the aforesaid amendment in sub-section (4) as the deadline had been proposed to be extended to September 16,

2024, however, by virtue of sub-section (5), the limitation set for the Hon’ble ATIR deciding these transferred appeals u/s 132 starts from 16th June 2024.

The Amended Bill has now proposed to remove the anomaly by proposing to amend Section 126A(5), whereby, the limitation of the ATIR for deciding the transferred Appeals shall commence from the date of transfer of the said appeal.

Copyright Business Recorder, 2024

Comments

Comments are closed.