Revision powers: authority to call records and revise revenue-prejudicial tax orders after hearing the assessee.

Clause 377 authorises the Competent Authority to call for and examine records of tax proceedings and, after hearing the assessee and making necessary inquiries, to revise orders of the Assessing Officer or Transfer Pricing Officer deemed erroneous and prejudicial to revenue by enhancing, modifying, cancelling or directing fresh assessments or orders under section 166; it defines scope, records, grounds for being erroneous, limitation periods with specified exclusions and a safeguard extension, and preserves implementation of appellate or judicial findings.

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