(1)The Competent Authority may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by the Assessing Officer or the Transfer Pricing Officer, as the case may be, 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—(a)an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment;(b)an order modifying the order under section 166; or(c)an order cancelling the order under section 166 and directing a fresh order under the said section.
