Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

From: 2023-07-01 - To: 0000-00-00 1[***] ______________________________________________________________ 1-Section 122C was omitted vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017. At the time of omission section 122C was as under:- i[122C. Provisional assessment.-(1) Where in response to a notice under sub-section (3) or sub-section (4) of section 114 a person fails to furnish return of income for any tax year, the Commissioner may, based on any available information or material and to the best of his judgment, make a provisional assessment of the taxable income of the person and issue a provisional assessment order specifying the taxable income assessed and the tax due thereon. (2) Notwithstanding anything contained in this Ordinance, the provisional assessment completed under sub-section (1) shall be treated as the final assessment after the expiry of 1[forty-five] days from the date of service of order of provisional assessment and the provisions of this Ordinance shall apply accordingly: 1[Provided that the provisions of this sub-section shall not apply, if- (a) return of income along with wealth statement, wealth reconciliation statement and other documents required under sub-section (2A) of section 116 are filed by the person being an individual or an association of persons for the relevant tax year during the said period of forty-five days; and (b) the individual or an association of persons presents accounts and documents for conducting audit of income tax affairs for that tax year: Provided further that the provisions of sub-section (2) shall not apply- (a) to a company, if return of income tax alongwith audited accounts or final accounts, as the case may be, for the relevant tax year are filed by the company electronically during the said period of forty-five days; and (b) if the company presents accounts and documents for conducting audit of its income tax affairs for that tax year.] i. Section 122C was inserted vide the Finance Act, 2010. This amendment was effective from 5th June, 2010 by the declaration made under the Provisional Collection of Taxes Act, 1931 (XVI of 1931). Earlier this Section was inserted vide the Finance…