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of <h1>Amendment to Section 264 mandates one-year limit for revision orders, with exceptions for re-hearing and court stays.</h1> Section 264 of the Income-tax Act was amended by the Finance (No. 2) Act, 1998, effective October 1, 1998. A new sub-section (6) mandates that any application for revision by an assessee must result in an order within one year from the end of the financial year in which the application is made. The computation of this period excludes time taken for re-hearing opportunities and any court-ordered stays. Sub-section (7) allows for orders to be passed at any time to implement findings or directions from higher judicial authorities, overriding the time limit in sub-section (6).
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