E.—Revision by the Commissioner
Revision of orders prejudicial to
revenue.
263. (1) The Commissioner
may call for and examine the record 72 of any proceeding under this
Act, and if he considers that any order passed therein by the 73[Assessing] Officer is
erroneous in so far 72 as it is prejudicial
to the interests of the revenue 72, 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 an order enhancing or modifying
the assessment, or cancelling the assessment 72 and directing a fresh
assessment.
74[Explanation.—For the removal of doubts, it
is hereby declared that, for the purposes of this sub-section,—
(a) an order passed 75[on or before or after the
1st day of June, 1988] by the Assessing Officer shall include—
(i) an order of assessment made by the Assistant
Commissioner 76[or Deputy
Commissioner] or the Income-tax Officer on the basis of the directions issued
by the 77[Joint] Commissioner
under section 144A;
(ii) an order made by the 77[Joint] Commissioner in
exercise of the powers or in the performance of the functions of an Assessing
Officer conferred on, or assigned to, him under the orders or directions issued
by the Board or by the Chief Commissioner or Director General or Commissioner
authorised by the Board in this behalf under section
120;
(b) “record” 78[shall include and shall be
deemed always to have included] all records relating to any proceeding under
this Act available at the time of examination by the Commissioner;
(c) where any order referred to in this
sub-section and passed by the Assessing Officer had been the subject matter of
any appeal 79[filed on or before
or after the 1st day of June, 1988], the powers of the Commissioner under this
sub-section shall extend 79[and shall be deemed
always to have extended] to such matters as had not been considered and decided
in such appeal.]
80[(2) No order shall
be made under sub-section (1) after the expiry of two years from the end of the
financial year in which the order sought to be revised was passed.]
(3) Notwithstanding
anything contained in sub-section (2), an order in revision under this section
may be passed at any time in the case of an order which has been passed in
consequence of, or to give effect to, any finding or direction contained in an
order of the Appellate Tribunal, 81[National Tax Tribunal,]
the High Court or the Supreme Court.
Explanation.—In computing the
period of limitation for the purposes of sub-section (2), the time taken in
giving an opportunity to the assessee to be reheard under the proviso to section 129 and any period during which any
proceeding under this section is stayed by an order or injunction of any court
shall be excluded.