Revisionary power under section 263 enables correction of ITO orders that are prejudicial to revenue and affect asset retention. Revisionary power of the Commissioner under section 263 allows revision where an Income-tax Officer's order is erroneous and prejudicial to the interests of the revenue, meaning the lawful revenue due has not been realised. Orders under section 132(5) combine summary estimation of undisclosed income, tax and liabilities with retention and release of seized assets; failure to comply with these statutory components can render such orders prejudicial, thereby enabling the Commissioner to exercise revisionary jurisdiction. The statutory time limit applies to the initial order only and does not prevent subsequent orders to give effect to superior directions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Revisionary power under section 263 enables correction of ITO orders that are prejudicial to revenue and affect asset retention.
Revisionary power of the Commissioner under section 263 allows revision where an Income-tax Officer's order is erroneous and prejudicial to the interests of the revenue, meaning the lawful revenue due has not been realised. Orders under section 132(5) combine summary estimation of undisclosed income, tax and liabilities with retention and release of seized assets; failure to comply with these statutory components can render such orders prejudicial, thereby enabling the Commissioner to exercise revisionary jurisdiction. The statutory time limit applies to the initial order only and does not prevent subsequent orders to give effect to superior directions.
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