Income-tax Act, 2025

Revision of orders prejudicial to revenue - Section 377

C. Revision by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner

Revision of orders prejudicial to revenue.

377. (1) The Competent Authority 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

(a) an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment;

(b) an order modifying the order under section 166; or

(c) an order cancelling the order under section 166 and directing a fresh order under the said section.

(2) For the purpose of sub-section (1),

(a) an order passed by the Assessing Officer or the Transfer Pricing Officer, shall include

(i) an order of assessment made on the basis of the directions issued by the Joint Commissioner under section 272;

(ii) an order made by the Joint Commissioner in exercise of the powers or in the performance of the functions of an Assessing Officer or the Transfer Pricing Officer, conferred on, or assigned to, him by the Board or by the Principal Chief Commissioner or Chief Commissioner or Principal Director General or Director General or Principal Commissioner or Commissioner authorised by the Board under section 241; and

(iii) an order under section 166;

(b) "record" shall include all records relating to any proceeding under this Act available at the time of examination by the Competent Authority;

(c) where any order referred to in this section and passed by the Assessing Officer or the Transfer .... To read the full section download the app from Google Play store