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of <h1>Clause 377 of Income Tax Bill 2025: Revising Orders Affecting Revenue Interests, with Two-Year Limitation and Exceptions.</h1> Clause 377 of the Income Tax Bill, 2025, allows the Principal Commissioner or Commissioner to revise orders deemed prejudicial to revenue interests. The Competent Authority can examine records and revise erroneous orders by the Assessing Officer or Transfer Pricing Officer after giving the assessee an opportunity to be heard. Revisions may include enhancing, modifying, or canceling assessments. The section outlines conditions under which orders are considered erroneous, such as lack of inquiry or non-compliance with higher court decisions. A two-year limitation applies, with exceptions for appellate findings, and specific periods are excluded from this limitation.
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