Section 109 of Income Tax Ordinance, 2001 has stated that a commissioner may recharacterise a transaction for determining tax liability. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following is the text of Section 109 of the Income … Continue reading Recharacterization of income for determining tax liability