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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2016 Chapters List Chapter VIII EQUALISATION LEVY This

Clause 166 - Rectification of mistake - FINANCE BILL, 2016

FINANCE BILL, 2016
Chapter VIII
EQUALISATION LEVY
  • Contents

Rectification of mistake

166. (1) With a view to rectifying any mistake apparent from the record, the Assessing Officer may amend any intimation issued under section 165, within one year from the end of the financial year in which the intimation sought to be amended was issued.

(2) The Assessing Officer may make an amendment to any intimation under sub-section (1), either suo motu or on any mistake brought to his notice by the assessee.

(3) An amendment to any intimation, which has the effect of increasing the liability of the assessee or reducing a refund, shall not be made under this section unless the Assessing Officer has given notice to the assessee of his intention so to do and has given the assessee a reasonable opportunity of being heard.

(4) Where any such amendment to any intimation has the effect of enhancing the sum payable or reducing the refund already made, the Assessing Officer shall make an order specifying the sum payable by the assessee and the provisions of this Chapter shall apply accordingly.

 



 

Notes on Clauses:

Clause 166 of the Bill provides for rectification of mistakes apparent from the record of any order passed by the Assessing Officer within one year from the end of the financial year in which the order sought to be amended was passed. The Assessing Officer may rectify mistakes either suo motu or at the instance of the assessee. Further, any amendment which has the effect of enhancing the liability or reducing a refund of the assessee shall be made only after giving the assessee a reasonable opportunity of being heard.

 
 
 
 

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