Rectification of mistake – Section 169, Finance Act, 2016 - International Taxation - Income Tax

Rectification of mistake Section 169 , Finance Act, 2016 Time limit for amending an intimation With a view to rectifying any mistake apparent from the record, the Assessing Officer may amend any intimation issued under section 168 , within one year from the end of the financial year in which the intimation sought to be amended was issued. Amendment can be made suo moto or brought to notice by the assessee/e-commerce operator The Assessing Officer may make an amendment to any intimation, either suo motu or on any mistake brought to his notice by the assessee or ecommerce operator. Opportunity of being heard to be given by the AO before amending an intimation An amendment to any intimation, which has the effect of increasing the liability of the assessee or e-commerce operator] or reducing a refund, shall not be made under this section unless the Assessing Officer has given notice to the assessee or e-commerce operator of his intention so to do and has given the assessee or e-commerce operator a reasonable opportunity of being heard. 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 or ecommerce operator and the provisions of this Chapter shall apply accordingly.