Section 72
of Investment Incentives Order, 2001
Section 72
Notwithstanding any other provisions of this Part, where it appears to the Collector that –
(a)
any amount of exempted income of an international trading company;
or
(b)
any dividend exempted in the hands of any shareholder, ought not to have been exempted by reason of a direction made under section 66 or the revocation under section 114 of the certificate issued under section 64 to the company, the
Collector may subject to section 62 of the Income Tax Act –
Incorporating amendments until S 5/2011
(Cleancopy) NANI/H.AFIF/fiqah _ as of 11th March 2020
50
BLUV as at 16th February 2011
(i)
make such assessment or additional assessment upon the company or any such shareholder as may appear to be necessary in order to recover such tax as may have been exempted under this Part; or
(ii)
direct the company to debit its tax exempt account with such amount as the circumstance require.
Application of Parts XI and XII of Income Tax Act.