Definition of Income-tax Officer expanded to include Inspecting Assistant Commissioner; introduces a time limitation for revision of orders. The amendment declares that an order passed by an Income-tax Officer includes an order passed by an Inspecting Assistant Commissioner when exercising powers or performing functions assigned under the Income-tax Act as applied by section 18; and it substitutes subsection (2) to bar making an order under subsection (1) after the expiry of two years from the end of the financial year in which the order sought to be revised was passed.
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Provisions expressly mentioned in the judgment/order text.
Definition of Income-tax Officer expanded to include Inspecting Assistant Commissioner; introduces a time limitation for revision of orders.
The amendment declares that an order passed by an Income-tax Officer includes an order passed by an Inspecting Assistant Commissioner when exercising powers or performing functions assigned under the Income-tax Act as applied by section 18; and it substitutes subsection (2) to bar making an order under subsection (1) after the expiry of two years from the end of the financial year in which the order sought to be revised was passed.
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