Income-tax Act, 1961

E.-Revision by the Principal Commissioner or Commissioner

Revision of orders prejudicial to revenue.

263. (1) The Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing Officer or the Transfer Pricing Officer, as the case may be, is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including,-

(i)	-	an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment; or
(ii)	-	an order modifying the order under section 92CA; or
(iii)	-	an order cancelling the order under section 92CA and directing a fresh order under the said section.

Explanation 1.-For the removal of doubts, it is hereby declared t .... To read the full section download the app from Google Play store