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of <h1>Finance Bill 2015: New Explanation 2 in Section 263 Empowers Revision of Erroneous Tax Orders by Commissioners</h1> Clause 65 of the Finance Bill, 2015, amends section 263 of the Income-tax Act concerning the revision of orders prejudicial to revenue. The amendment introduces Explanation 2, effective from June 1, 2015, stating that an order by the Assessing Officer is deemed erroneous and prejudicial to revenue if the Principal Commissioner or Commissioner believes it lacks necessary inquiries, grants relief without inquiry, contravenes Board instructions under section 119, or fails to align with relevant High Court or Supreme Court decisions. This empowers the Principal Commissioner or Commissioner to modify or cancel such assessments after due inquiry.
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