263. Revision of orders prejudicial to revenue 1
The Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the 2[ Assessing] Officer is erroneous in so far as it is prejudicial to the interests of the revenue, he, may, after giving the assessee an opportunity of being heard and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment. 3[ Explanation.- For the removal of doubts, it is hereby declared that, for the purposes of this sub- section,-
of the Commissioner under this sub- section shall extend 1[ and shall be deemed always to have extended] to such matters as had not been considered and decided in such appeal.]
2[ No order shall be made under sub- section (1) after the expiry of two years from the end of the financial year in which the order sought to be revised was passed.]
Notwithstanding anything contained in sub- section (2), an order in revision under this section may be passed at any time in the case of an order which has been passed in consequence of, or to give effect to, any finding or direction contained in an order of the Appellate Tribunal, the High Court or the Supreme Court. Explanation.- In computing the period of limitation for the purposes of sub- section (2), the time taken in giving an opportunity to the assessee to be reheard under the proviso to section 129 and any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded.