(3)Where a modified return is furnished under sub-section (1), and assessment or reassessment proceedings, in respect of a tax year to which the agreement applies, were initiated before the filing of such return then,––(a)if such proceedings have been completed before the filing of such return, the Assessing Officer shall pass an order modifying the total income of the relevant tax year; or(b)if such proceedings are pending on the date of filing of modified return, the Assessing Officer shall proceed to complete them,as per the agreement after taking into consideration the modified return so furnished.
