Companies (Profits) Surtax Act,1964
Act No : 7
Section : Revision of orders prejudicial to revenue
16.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 Income-tax 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["Explanation.--For the removal of doubts, it is hereby declared that, for the purposes of this sub-section, an order passed by the Income-Tax Officer shall include an order passed by the Inspecting Assistant Commissioner in exercise of the powers or in performance of the functions of an Income-tax Officer conferred on, or assigned to, him under clause (a) of sub-section (1) of section 125 or under sub- section (1) of section 125A of the Income-tax Act as applied by section 18 of this Act."] ----------------------------------------------------------------------- 1. Subs. by Act 42 of 1970, s.73, for "section 154 or section 155" (w.e.f. 1-4-1971). 2. Subs. by Act 67 of 1984, s.79 (w.e.f. 1-10-1984). 3. Ins. by s.80, ibid (w.e.f. 1-10-1984). ----------------------------------------------------------------------- 1279 1* * * * * 2["(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 pur- poses of sub-section (2), any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded.
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