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of <h1>Senior tax commissioner can revise assessing or transfer pricing orders under section 166 within two years for prejudicial errors</h1> The competent authority (senior tax commissioner) may review records of proceedings and, if an assessing or transfer pricing officer's order is found erroneous and prejudicial to revenue, issue a revised order after hearing the assessee and any necessary inquiry, including enhancing, modifying, cancelling and directing fresh assessments or altering orders under section 166. Revision covers orders by delegated officers, existing records, and matters not decided on appeal. An order is deemed erroneous if required inquiries, verifications or compliance with Board directions or adverse higher-court precedents were omitted. Revision must occur within two years of the financial year end (with specified exclusions, extensions, and exceptions for appellate outcomes).
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