Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

From: 2023-07-01 - To: 0000-00-00 122. Amendment of assessments.- (1) Subject to this section, the Commissioner may amend an assessment order treated as issued under section 120 or issued under section 121 1[, 2[***] ] 3[, or 4[***] ] by making such alterations or additions as the Commissioner considers necessary 5[***] 6[(2) No order under sub-section (1) shall be amended by the Commissioner after the expiry of five years from the end of the financial year in which the Commissioner has issued or treated to have issued the assessment order to the taxpayer.] (3) Where a taxpayer furnishes a revised return under sub-section (6) 7[or (6A)] of section 114 - (a) the Commissioner shall be treated as having made an amended assessment of the taxable income and tax payable thereon as set out in the revised return; and (b) the taxpayer’s revised return shall be taken for all purposes of this Ordinance to be an amended assessment order issued to the taxpayer by the Commissioner on the day on which the revised return was furnished. (4) Where an assessment order (herein after referred to as the “original assessment”) has been amended under sub-section (1) 8[,] (3), 9[or 5A] the Commissioner may further amend, 10[as many times as may be necessary,] the original assessment within the later of - (a) five years 11[from the end of the financial year in which] the Commissioner has issued or is treated as having issued the original assessment order to the taxpayer; or (b) one year 12[from the end of the financial year in which] the Commissioner has issued or is treated as having issued the amended assessment order to the taxpayer. 13[(4A) In respect of an assessment made under the repealed Ordinance, nothing contained in sub-section (2) or, as the case may be, sub-section (4) shall be so construed as to have extended or curtailed the time limit specified in section 65 of the aforesaid Ordinance in respect of an assessment order passed under that section and the time-limit specified in that section shall apply accordingly.] 14[(5) An assessment order in respect of tax year, or an assessment year, shall only be amended under sub-section (1) and an amended assessment for that year…