Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART II ASSESSMENTS

From: 2023-07-01 - To: 0000-00-00 1[122D. Agreed assessment in certain cases.- (1) Where a taxpayer, in response to a notice under sub-section (9) of section 122, intends to settle his case, he may file offer of settlement in the prescribed form before the assessment oversight committee, hereinafter referred to as the Committee, in addition to filing reply to the Commissioner. (2) The Committee after examining the aforesaid offer may call for the record of the case and after affording opportunity of being heard to the taxpayer, may decide to accept or modify the of fer of the taxpayer through consensus and communicate its decision to the taxpayer. (3) Where the taxpayer is satisfied with the decision of the Committee,- (a) the taxpayer shall deposit the amount of tax payable including any amount of penalty and default surcharge as per decision of the Committee; (b) the Commissioner shall amend assessment in accordance with the decision of the Committee after tax payable including any amount of penalty and default surcharge as per decision of the Committee has been paid; (c) the taxpayer shall waive the right to prefer appeal against such amended assessment; and (d) no further proceedings shall be undertaken under this Ordinance in respect of issues decided by the Committee unless the tax as per clause (c) has…