Section 263 Revision of orders prejudicial to revenue.

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The Tax Publishers 263. Revision of orders prejudicial to revenue.[1] (1) The [2][Principal [3][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 [4][Assessing] Officer [5][or the Transfer Pricing Officer, as the case may be,] is erroneous in so far as it is prejudicial to the interest 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, [6][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] [7][[8][Explanation 1].For the removal of doubts, it is hereby declared that, for the purposes of this sub-section, (a) an order passed [9][on or before or after the 1st day of June, 1988] by the Assessing Officer [10][or the Transfer Pricing Officer, as the case may be,] shall include (i) an order of assessment made by the Assistant Commissioner [11][or Deputy Commissioner] or the Income-tax Officer on the basis of the directions issued by the [12][Joint Commissioner] under Section 144A; SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

263. Revision of orders prejudicial to revenue.[1]

(1) The [2][Principal [3][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 [4][Assessing] Officer [5][or the Transfer Pricing Officer, as the case may be,] is erroneous in so far as it is prejudicial to the interest 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, [6][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]

[7][[8][Explanation 1].For the removal of doubts, it is hereby declared that, for the purposes of this sub-section,

(a) an order passed [9][on or before or after the 1st day of June, 1988] by the Assessing Officer [10][or the Transfer Pricing Officer, as the case may be,] shall include

(i) an order of assessment made by the Assistant Commissioner [11][or Deputy Commissioner] or the Income-tax Officer on the basis of the directions issued by the [12][Joint Commissioner] under Section 144A;