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of <h1>Section 74 of Finance Act, 1994: Officers Can Rectify Order Mistakes Within Two Years; Assessee Must Be Notified.</h1> Section 74 of the Finance Act, 1994, allows a Central Excise Officer to rectify any apparent mistake in an order within two years of its issuance. If a matter has been decided in an appeal or revision, the officer can amend the order concerning other matters. Amendments can be initiated by the officer or upon notification by the assessee or relevant commissioners. Amendments increasing liability or reducing refunds require prior notice and a hearing opportunity for the assessee. Written orders are mandatory for amendments, and appropriate refunds or payments must be made following the amendment.
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