Power of commissioner to enquire and change time line for passing order Section 129(5A)

Power of commissioner to enquire and change time line for passing order Section 129(5A): Currently, section 122(5A) the powers have been given to Commissioner to conduct an inquiry and amend the assessment of a taxpayer if Commissioner is satisfied that the assessment is erroneous in so far it is prejudicial to the interest of revenue.

The Finance Bill proposes to withdraw the power of the CIR to conduct such inquiry.

Currently, there is no time limit given in sub-section 9 of section 122 for passing an assessment order.
However, now the Finance Bill proposes to insert timelines within which the tax authorities are expected to frame their assessment under section 122 or implement the directions given by the CIR under section 122A.

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