Section 16 in The Companies (Profits) Surtax Act, 1964
16. Revision of order prejudicial to revenue.-
(1)The [Chief Commissioner or Commissioner] [Substituted for the word "Commissioner" by the Act 04 of 1988, section 187] 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] [Substituted for the words "Income-tax Officer" by Act 04 of 1988, section 187] is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee as 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.[Explanation.- [Inserted by Act 67 of 1984, section 80] For the removal of doubts, it is hereby declared that, for the purposes of this sub-section, an order passed by the [Assessing Officer] shall include an order passed by the [Deputy Commissioner] [Substituted for the words "Inspecting Assistant Commissioner" by Act 04 of 1988, section 187] in exercise of the powers or in performance of the functions of an [Assessing Officer] [Substituted for the words "Income-tax Officer" by Act 04 of 1988, section 187] conferred on, or assigned to, him under clause (a) of sub-section (1) of section 125 or under sub-section (1) of section 125-A of the Income-tax Act as applied by section 18 of this Act.](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.] [Substituted by Act 04 of 1988, section 187](3)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), any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded.
