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of <h1>Finance Bill 2022 amends Section 263 of Income-tax Act to broaden review scope, includes Transfer Pricing Officer orders.</h1> Clause 72 of the Finance Bill, 2022 amends section 263 of the Income-tax Act concerning the revision of orders prejudicial to revenue. The amendment allows the Principal Chief Commissioner or equivalent authorities to review orders not only from the Assessing Officer but also from the Transfer Pricing Officer if deemed erroneous and prejudicial to revenue interests. It includes provisions for modifying or canceling orders under section 92CA and mandates giving the assessee an opportunity to be heard. The amendment also clarifies the scope of orders subject to appeal and defines 'Transfer Pricing Officer,' effective from April 1, 2022.
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