CAF-2 · Chapter 15 · Question 5 of 15
Under which of the following circumstances is the Commissioner empowered to issue a "Provisional Assessment Order" under Section 123 before making a best judgment or amended assessment?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) C) When an offshore asset not declared earlier is discovered or a concealed asset is impounded.
Explanation
A provisional assessment is applicable in cases where any concealed asset of a person is impounded by any government agency, or where an offshore asset of any person, not declared earlier, is discovered.
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