Quick Summary
Amendment in the provisions of section 263 of the Act 1. Section 263 of the Act contains the provision for revision of order which is erroneous in so far as it is prejudicial to the interests of revenue. An order under section 263 of the Act can be passed within two years from the end of the fina
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FAQ :
The amendments aim to clarify the powers of revision for orders that are erroneous and prejudicial to the interests of revenue, particularly concerning orders passed by a Transfer Pricing Officer (TPO).
The Principal Chief Commissioner, Chief Commissioner, Principal Commissioner, or Commissioner with jurisdiction over transfer pricing can now revise an order passed by a TPO under their purview if it's deemed erroneous and prejudicial to revenue.
These amendments are effective from 1st April 2022.
The Assessing Officer has two months from the end of the month in which the TPO's revised order is received to modify the assessment or reassessment accordingly.
Yes, consequential changes have been made to Section 153, including making sub-sections (3) and (5) applicable to TPO orders under Section 92CA, and inserting sub-section (5A) for the Assessing Officer's action on revised orders.
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