Law: Income Tax Ordinance, 2001

Section: 122(2),133,214A

Income Tax Ordinance (XLIX of 2001)---Ss. 122(2), 133 & 214-A---Federal Board of Revenue Notification C. No. 3 (22) S (IR-Operations) 2020, dated 30-06-2020---Reference---Assessment, amendment of---Limitation, extension of---Principle---Word "finalization"---Connotation---Extension of limitation by authorities in view of Notification C. No. 3 (22) S (IR-Operations) 2020, dated 30-06-2020, was set aside by Appellate Tribunal Inland Revenue---Validity---Where notice for amendment of assessment was issued within the period of limitation prescribed in S.122 (2) of Income Tax Ordinance, 2001, and final order could not be passed therein manifestly for any justifiable reason beyond the control of revenue authority or taxpayer, exercise of discretionary power on the part of Federal Board of Revenue under S.214-A of Income Tax Ordinance, 2001, to extend time to complete proceedings within a reasonable period was justified---Word "finalization" was synonym for closing, completion, culmination of something which was already in progress or had already been commenced---Applicability of clause (i) of Notification C. No. 3 (22) S (IR-Operations) 2020, dated 30-06-2020, was confined to extension of limitation in the class of cases involving tax year 2014 for closing or completion wherein proceedings had already been commenced within the period of limitation, whereas notice under S. 122 of Income Tax Ordinance, 2001, was issued to taxpayers on 30-11-2020---High Court declined to give any expensive interpretation to the word "finalization" used in clause (i) of Notification C. No. 3 (22) S (IR-Operations) 2020, dated 30-06-2020, to authorize commencement of proceedings in relation to issue pertaining to year 2014 after expiry of the period of limitation specified in S.122 of Income Tax Ordinance, 2001---High Court declined to extend benefit of Notification C. No. 3 (22) S (IR-Operations) 2020, dated 30-06-2020 to the authorities---Reference was dismissed, in circumstances. Chambers Concise Dictionary; The Collector of Sales Tax, Gujranwala and others v. Super Asia Muhammad Din and Sons and others 2017 PTD 1756; Federal Board of Revenue through its Chairman, Islamabad and…

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