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of <h1>Amendment to Section 263: Authority to Revise TPO Orders Clarified; Changes to Section 153 for Implementation Timeline.</h1> The amendment to section 263 of the Act aims to clarify the authority to revise orders made by the Transfer Pricing Officer (TPO) under section 92CA. It proposes that the Principal Chief Commissioner, Chief Commissioner, Principal Commissioner, or Commissioner with jurisdiction over transfer pricing can review and revise TPO orders deemed erroneous and prejudicial to revenue interests. Additionally, changes to section 153 will allow the Assessing Officer two months to implement TPO orders following revision. These amendments will be effective from April 1, 2022, ensuring clear procedural guidelines for handling transfer pricing disputes.
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