The Federal Board of Revenue (FBR) on Friday issued procedure for assessment oversight committee to resolve cases of settlement filed against assessment notices.
The FBR issued SRO 1184(I)/2020 to notify the rules. Previously, the board had issued draft rules through SRO 957(I)/2020 on October 2, 2020, to seek input from stakeholders.
The FBR introduced Rule 231CA to the Income Tax Rules, 2002, for procedures for assessment oversight committee that shall apply to all cases of settlement filed under Section 122D (agreed assessment in certain cases) of Income Tax Ordinance, 2001.
As per the rule, a settlement application shall be made electronically by the applicant in person or by his authorized representative, under Section 122D for agreed assessment of the committee on IRS web portal.
A settlement application shall be preferred to the committee after the date of service of the notice issued under sub section (9) of Section 122 of the Ordinance and before finalization of assessment.
The commissioner shall not conclude assessment proceedings under section 122 if an application, made against the notice issued under sub section (9) of section 122, lies pending before the committee.
The committee, after examination of the contents of an application submitted by an applicant and facts stated therein and on scrutiny of requisitioned record, if any, shall afford the opportunity of being heard to the applicant in writing.
The committee shall finalize the applications filed under section 122D of the Ordinance within thirty days of receipt of application or within an extended period of sixty days, for reasons to be recorded in writing by the committee.
