Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 263 – Income Tax Act, 1961

Income Tax Act, 1961

 

 

Section 263. REVISION OF ORDERS PREJUDICIAL TO REVENUE.

 

(1) The 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 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, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment.

 

Explanation : For the removal of doubts, it is hereby declared that, for the purposes of this sub-section, – (a) An order passed 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 or Joint Commissioner or the Income-tax Officer on the basis of the directions issued by the Deputy Commissioner under section 144A;

 

(ii) An order made by the 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” 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 filed on or before or after the 1st day of June, 1988, the powers of the Commissioner under this sub-section shall extend and shall be deemed always to have extended to such matters as had not been considered and decided in such appeal.

 

(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, 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 of 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.

 

Related Judgements

 

FESTO ELGI (P) LTD. v. COMMISSIONER OF INCOME-TAX. (COMBINED

INDUSTRIES LTD. v. CIT) (ELGI EQUIPMENTS LTD. v. CIT)

 

T. O. ALIAS v. ASSISTANT COMMISSIONER OF INCOME-TAX & ANR.

 

SUDHIR SAREEN v. COMMISSIONER OF INCOME-TAX & ANR.

 

COMMISSIONER OF INCOME-TAX v. KANUBHAI ENGINEERS (P) LTD.

 

RAJOO BROS. v. COMMISSIONER OF INCOME-TAX.

 

COMMISSIONER OF INCOME-TAX v. BABCOCK & WILCOX OF INDIA LTD.

 

COMMISSIONER OF INCOME-TAX v. M. S. J. CONSTRUCTION (P) LTD.

 

COMMISSIONER OF INCOME-TAX v. BAKELITE HYLAM LTD.

 

COMMISSIONER OF INCOME-TAX v. DALMIA CEMENT (BHARAT) LTD.

 

 

Previous | Next

 

Income Tax Act, 1961 

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2018 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help just WhatsApp Away

MyNation HELP line

We are Not Lawyers but No Lawyer will give you Advice like We do

Please CLICK HERE to read Rules of Group, If You agree then Message us on Above Number.

We handle Women centric biased laws like False 498A, Domestic Violence(DVACT), Divorce, Maintenance, Alimony, Child Custody, HMA24, 125 CrPc, 307, 313, 376, 377, 406, 420, 506, 509 etc

Web Design BangladeshWeb Design BangladeshMymensingh