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of <h1>Clause 166 of Finance Bill 2016 allows rectification of mistakes in assessments under Section 165 within one year.</h1> Clause 166 of the Finance Bill, 2016, addresses the rectification of mistakes in any intimation issued by the Assessing Officer under section 165. The Officer can amend such intimation within one year from the end of the financial year in which it was issued, either on their own accord or upon the assessee's request. If the amendment increases liability or reduces a refund, the Officer must notify the assessee and provide a reasonable opportunity to be heard. Any resulting order must specify the new sum payable by the assessee.
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