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of <h1>Senior tax authority can revise or enhance assessments and transfer pricing orders after taxpayer hearing, usually within two years</h1> A senior tax authority may review records of any proceeding and, if an assessing or transfer pricing officer's order is found erroneous and prejudicial to revenue, after giving the taxpayer a hearing and making necessary inquiries, may enhance, modify, cancel or direct fresh assessment or modify/cancel orders under transfer-pricing provisions. An order is presumed erroneous if requisite inquiries or verifications were omitted, relief was granted without inquiry, Board directions were ignored, or contrary judicial decisions were not followed. Revision must normally be initiated within two years from the end of the financial year of the original order, subject to exclusions and exceptions where appellate or higher-court directions require action.
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