Section
70 of IRO: An assessment is final and conclusive in the following
situations:
-
no valid objection or appeal to Board of Review or to court has been lodged within the time limit;
-
the
objection has been withdrawn or dismissed by Board of Review or by court; or
-
where a revised assessment has been agreed under Section 64(3);
-
where an assessment is
determined by the Board of Review which refuses to refer the case to
court on a question of law.
Nevertheless, Section 60 empowers an Assessor to make additional assessment
within 6 years after the end of the year of assessment on matters that
have not been determined under the objection. This 6-year time limit is
extended to 10 year in case of fraud or willful evasion. Besides, Section
70A allows the Commissioner to revise the assessment to correct an error or
omission within 6 years after the end of the year of assessment, even though
the assessment has become final and conclusive under section 70.
In the Board of Review case No.
108/03, the time limit for application for correction of error under Section
70A is discussed. Press here for details.
Section
70 is only applicable to an 'assessment'. A statement of loss as agreed by the taxpayer with the
Assessor is not final and conclusive under section 70 because it is not an
'assessment'
- CIR v Yau Lai Man trading as L. M. Yau & company.
