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of <h1>Supreme Court Expands Commissioner's Powers u/s 263(1) of Income Tax Act to Include Later-Obtained Records.</h1> The Supreme Court clarified the scope of the Commissioner's power under Section 263(1) of the Income Tax Act, 1961, allowing the consideration of records not available to the Assessing Officer at the time of the assessment order. The court held that 'record' includes all records related to the proceeding available at the time of the Commissioner's examination, even if obtained later. This decision, influenced by amendments from the Finance Acts of 1988 and 1989, supports a broader interpretation of the Commissioner's revisional authority, thus validating the Commissioner's order and favoring the Revenue.
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