Miss Emma was the director and major shareholder of the company Emma Ltd (EL). On 1 March 2021, Emma wanted to lodge a claim to revise EL’s Profits Tax assessment, which was issued based on the tax return she signed and filed for and on behalf of EL. She has overstated EL’s annual income by 20% in the return because she wanted to have a larger amount of tax payment in support of a loan application with a bank at the time she filed the return. She subsequently changed her plan and hence she would like to rectify the situation now. The notice of assessment was issued on 28 November 2020, with tax payment due date of 31 March 2021. 

Required: 

Assume today is 1 March 2021, advice Miss Emma whether the Inland Revenue Department would accept her claim to revise EL’s Profits Tax Assessment. Cite provisions in the Inland Revenue Ordinance and case law, if appropriate, to support your analysis and advice.