Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

From: 2023-07-01 - To: 0000-00-00 123. Provisional assessment in certain cases.- (1) Where a concealed asset of any person is impounded by any department or agency of the Federal Government or a Provincial Government, the Commissioner may, at any time before issuing any assessment order under section 121 or any amended assessment order under section l22, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking into account the concealed asset. 1[(1A) Where an offshore asset of any person, not declared earlier, is discovered by the Commissioner or any department or agency of the Federal Government or a Provincial Government, the Commissioner may at any time before issuing any assessment order under section 121 or amended assessment order under section 122, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking into account the offshore asset discovered.] (2) The Commissioner shall finalize a provisional assessment order or a provisional amended assessment order as soon as practicable 2[***]. (3) In this section, “concealed asset” means any property or asset which, in the opinion of the Commissioner, was acquired from any income subject to tax under this Ordinance. ______________________________________________________________ 1-Inserted vide Finance Supplementary (Second Amendment) Act, 2019 (III of 2019) assented on 9th March, 2019 2-The words “after making it” omitted vide the Finance Act, 2003 (I of 2003 assented on 16th June, 2003 From: 2019-03-09 - To: 2023-06-30 123. Provisional assessment in certain cases.- (1) Where a concealed asset of any person is impounded by any department or agency of the Federal Government or a Provincial Government, the Commissioner may, at any time before issuing any assessment order under section 121 or any amended assessment order under section l22, issue to the person a provisional assessment order or provisional amended assessment order, as the case may be, for the last completed tax year of the person taking…