Report No. 12
E-Revision by the Commissioner.
271. 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 Income-tax 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.
(2) No order shall be made under sub-section (1)-
(a) to revise an order of re-assessment made under the provisions of section 152 [34(1), (a) (b) power to reopen], or
(b) after the expiry of two years from the date of the order sought to be revised. [Section 33B(2)]