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
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