Text of ITO Section 120B

Restriction of Proceedings.

(1) Where any person entitled to declare undisclosed assets, expenditure, and undisclosed sales under the Assets Declaration Act, 2019 declares such assets, expenditures, or sales to pay tax, no proceedings shall be undertaken under this Ordinance in respect of such declaration.

(2) Notwithstanding anything contained in any other law, for the time being in force, sub-section (3) of section 216, except the provisions of clauses (a) and (g) of sub-section (3) of section 216, particulars of the persons making declaration under the Assets Declaration Act, 2019 or any information received in any declaration made under the said Act shall be confidential.