Section 111
Section 111 of the Income Tax Ordinance allows the FBR to treat any asset, expenditure or bank credit whose source you cannot explain as taxable income.
It is the provision behind most large assessments. Property bought without a declared source of funds is the classic trigger, because every registered transfer is reported to the FBR automatically.
Related terms
Wealth statement
A wealth statement is the schedule of your assets and liabilities filed alongside your income tax return, showing what you own at the year end.
Notice
A notice is a formal communication from the FBR requiring you to do something, and it always states the section it is issued under and the deadline for compliance.
Best judgement assessment
A best judgement assessment under section 121 is an assessment the officer makes on his own estimate of your income, because you did not file or did not comply with a notice.