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of <h1>Amendment to Section 263: Orders by Assessing Officers deemed erroneous if lacking inquiry or ignoring court decisions.</h1> Section 263 of the Income-tax Act was amended by the Finance Act, 2015, effective June 1, 2015. The amendment introduces Explanation 2, which clarifies that an order by the Assessing Officer is considered erroneous and prejudicial to the revenue if the Principal Commissioner or Commissioner believes it was made without necessary inquiries, granted relief without investigation, failed to follow Board instructions under section 119, or disregarded relevant High Court or Supreme Court decisions.
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