New or revised assessment

—(1) The Director General may make a new assessment, or may revise an assessment previously made, within the time limits specified in section 36, if the Director General is of the opinion that the original assessment was incorrect. (2) If the taxpayer has failed to keep and maintain records or has submitted inaccurate information, the Director General may use best judgement, third party information and other information reasonably available in making a new or revised (3) The Director General shall revise an original assessment if– (a) a taxpayer files an amended return under section 22(3), and (b) satisfied that the original assessment was based on incorrect information.