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of <h1>Authority can revise income-tax orders under section 166 within two years, with 60-day notice and specified exclusions</h1> The competent authority may call and examine records of any income-tax proceeding and, after giving the assessee an opportunity to be heard and making necessary inquiry, revise orders by enhancing, modifying, cancelling assessments or modifying/cancelling orders under section 166 and directing fresh ones if an assessing or transfer pricing officer's order is, in the authority's opinion, erroneous and prejudicial to revenue. Orders include those by joint commissioners and under section 166. Revision is barred after two years from the end of the financial year of the original order, subject to specified exclusions, a minimum 60-day effective period, and an exception for orders giving effect to appellate tribunal, High Court or Supreme Court findings.
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