https://www.taxtmi.com/circulars?id=9331 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. en-us Fri, 21 Mar 1980 00:00:00 +0530 Fri, 03 Jun 2011 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9331 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. Circulars Income Tax Fri, 21 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9331