Section 263 — Revision of orders prejudicial to revenue.

Revision of orders prejudicial to revenue.—(1) The 1[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 2[Assessing Officer] 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 an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. 3[4[Explanation 1.]—For the removal of doubts, it is hereby declared that, for the purposes of this sub-section,— (a) an order passed 5[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 6[Assistant Commissioner or Deputy Commissioner] or the Income-tax Officer on the basis of the directions issued by the 7[Joint Commissioner] under section 144A; (ii) an order made by the 7[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 8[Principal Chief Commissioner or Chief Commissioner] or 9[Principal Director General or Director General] or 1[Principal Commissioner or Commissioner] authorised by the Board in this behalf under section 120; (b) “record”10[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 1[Principal Commissioner or 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 5[filed on or before or after the 1st day of June, 1988], the powers of the 1[Principal Commissioner or Commissioner] under this sub-section shall extend 11[and shall be deemed always to have extended] to such matters as had not been considered and decided in such appeal.]

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