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of <h1>Finance Act 2016: Section 169 allows tax assessment corrections within a year, requires notice and hearing for increased liabilities.</h1> Section 169 of the Finance Act, 2016, addresses the rectification of mistakes in tax assessments. It allows the Assessing Officer to amend any intimation issued under Section 168 within a year from the end of the financial year in which the intimation was issued. Amendments can be initiated by the officer or upon notification by the assessee or e-commerce operator. If the amendment increases liability or reduces a refund, the officer must notify the concerned party and provide an opportunity for a hearing. Any changes affecting payable sums or refunds must be specified in an order.
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