Rules for agreed assessment under section 122D of Income Tax Ordinance, 2001

Government of Pakistan
Revenue Division
Federal Board of Revenue

Islamabad, the 06th November, 2020.

NOTIFICATION
(Income Tax)

S.R.O. 1184(I)/2020.- In exercise of the powers conferred by sub-section (1) of section 237 read with sub-clause (b) of clause (27A) of section 2 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. S.R.O. 957(I)/2020, dated the 2nd October, 2020 as required by sub-section (3) of section 237 of the said Ordinance, namely:-

In the aforesaid Rules, after rule 231C, the following new rule shall be inserted, namely: -

"231CA. Procedures for assessment oversight committee.- (1) This rule shall apply to all cases of settlement filed under section 122D of the Ordinance.

(2) In this rule, unless there is anything repugnant in the subject or context,-

(a) "applicant" means a person or a class of persons who has filed a case for settlement under section 122D of the Ordinance;

(b) "Committee" means a Committee constituted under sub-section (5) of section 122D of the Ordinance; and

(c) "settlement application" means an application made by a person to the Committee under sub-section (1) of section 122D.

(3) A settlement application shall be made electronically by the applicant in person or by his authorised representative, under section 122D for agreed assessment to the Committee on IRS Web Portal.

(4) 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.

(5) 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.

(6) 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 opportunity of being heard to the applicant in writing.

(7) 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.".

[F.No. 1(85)R&S/2020]

(Tariq Iqbal)
Secretary (Rules & SROs)