Section 73 - Amendment of section 263. - Finance Act, 2022

Amendment of section 263. 73 . In section 263 of the Income-tax Act, in sub-section (1),- (a) after the words Assessing Officer wherever they occur, the words or the Transfer Pricing Officer, as the case may be, shall be inserted; (b) for the words including an order enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment , the following shall be substituted, namely:- including,- (i) an order enhancing or modifying the assessment or cancelling the assessment and directing a fresh assessment; or (ii) an order modifying the order under section 92CA; or (iii) an order cancelling the order under section 92CA and directing a fresh order under the said section. ; (c) in Explanation 1, in clause (a), after sub-clause (ii), the following sub-clause shall be inserted, namely:- (iii) an order under section 92CA by the Transfer Pricing Officer; ; (d) after Explanation 2, the following Explanation shall be inserted, namely:- 'Explanation 3 .- For the purposes of this section, Transfer Pricing Officer shall have the same meaning as assigned to it in the Explanation to section 92CA.'.