https://www.taxtmi.com/article/detailed?id=14800 Section 263 permits senior tax officers to revise AO or TPO orders deemed erroneous and prejudicial to revenue, after hearing the assessee, by enhancing, modifying or cancelling assessments or transfer pricing orders; an order is prejudicial if passed without necessary inquiries, without inquiring into claims, contrary to Board directions, or not in accordance with adverse judicial decisions. A two year limitation applies from the end of the financial year in which the order sought to be revised was passed, with specified exclusions and an exception where revision gives effect to appellate or court findings; case examples show revision is time barred when it reopens issues concluded in the original assessment rather than those framed in reassessment. en-us Mon, 14 Jul 2025 08:37:01 +0530 Mon, 14 Jul 2025 08:37:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=14800 Section 263 permits senior tax officers to revise AO or TPO orders deemed erroneous and prejudicial to revenue, after hearing the assessee, by enhancing, modifying or cancelling assessments or transfer pricing orders; an order is prejudicial if passed without necessary inquiries, without inquiring into claims, contrary to Board directions, or not in accordance with adverse judicial decisions. A two year limitation applies from the end of the financial year in which the order sought to be revised was passed, with specified exclusions and an exception where revision gives effect to appellate or court findings; case examples show revision is time barred when it reopens issues concluded in the original assessment rather than those framed in reassessment. Articles Income Tax Mon, 14 Jul 2025 08:37:01 +0530 https://www.taxtmi.com/article/detailed?id=14800