The government has restricted the Appellate Tribunals to grant stay for a period of 180 days after providing an opportunity of being heard by the relevant Commissioner. The Federal Board of Revenue (FBR) has explained the powers of the Appellate Tribunals granted through Finance Act 2012 here on Saturday. The FBR has clarified that provisions regarding grant of stay by Appellate Tribunal have been substituted to remove ambiguities and bring clarity in the law.
Tribunal can now grant stay for a period not exceeding one hundred and eighty days after providing an opportunity of being heard by the relevant Commissioner. However, while computing the above period of 180 days the period for which the recovery was stayed by the High Court shall be excluded.
The power of the Commissioner to amend assessment of taxable income under section 122(1) has been extended to amend provisional assessment under section 122C. The provisional power of the Commissioner under section 122(5A) has also been extended to allow him to make or cause to make such enquiries as he may deem necessary, the FBR said.
After insertion of a proviso in sub-section (4) of section 129, through Finance Act 2009, two separate time limitations for disposal of appeals by CIR(A) were available in the statute. One under the aforesaid proviso and second under sub-sections (5), (6) and (7). To remove this anomaly, sub-sections (5), (6) and (7) have been omitted, the FBR said.
Commissioner (Appeals), previously, did not have any power to stay recovery of demand in an order under appeal. By inserting a new sub-section (1A) in section 128, CIR (A) has been empowered to grant stay against recovery for a period or periods not exceeding 30 days in aggregate, FBR added. Through Finance Act, 2012, Federal Board of Revenue has been empowered through section 75 and 76 to prescribe rules for the determination of cost and consideration received for any asset.
Comments
Comments are closed.