Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

From: 2024-05-06 - To: 0000-00-00 124. Assessment giving effect to an order.- (1) Except where sub-section (2) applies, where, in consequence of, or to give effect to, any finding or direction in any order made under Part III of this Chapter by the 1[if the value of the assessment or, as the case may be, refund of the tax does not exceed twenty million rupees], Appellate Tribunal, High Court, or Supreme Court an assessment order or amended assessment order is to be issued to any person, the Commissioner shall issue the order within two years from the end of the financial year in which the order of the 1[if the value of the assessment or, as the case may be, refund of the tax does not exceed twenty million rupees], Appellate Tribunal, High Court or Supreme Court, as the case may be, was served on the Commissioner. (2) Where, by an order made under Part III of this Chapter by the 1a[***] Tribunal, High Court, or Supreme Court, an assessment order is set aside 2[wholly or partly,] and the Commissioner 3[if the value of the assessment or, as the case may be, refund of the tax does not exceed twenty million rupees], as the case may be,] is directed to 4[pass] a new assessment order, the Commissioner 5[if the value of the assessment or, as the case may be, refund of the tax does not exceed twenty million rupees], as the case may be,] shall 6[pass] the new order within 7[one year from the end of the financial year in which] the Commissioner 8[or Commissioner (Appeals), as the case may be,] is served with the order 9[:] 10[Provided that limitation under this sub-section shall not apply, if an appeal or reference has been preferred, against the order 11[***] passed by a 12[***] Appellate Tribunal or a High Court.] (3) Where an assessment order has been set aside or modified, the proceedings may commence from the stage next preceding the stage at which such setting aside or modification took place and nothing contained in this Ordinance shall render necessary the re-issue of any notice which had already been issued or the re-furnishing or re-filing of any return, statement, or other particulars which had already been furnished or filed. (4) Where direct relief is…