Procedure Relevant to Revision under Section 263
1. Requisite conditions for exercise of revisional power
The requisite conditions for the exercise of revisional power under section 263 are :--
(i) There should be a proceedings under the Act;
(ii) In such proceedings, the assessing officer must have passed an order, and
(iii) The Principal Commissioner or Commissioner should have considered that the said order is erroneous and prejudicial to the interests of the revenue.
2. Procedure as to revision
(i) In the first place, the Principal Commissioner or Commissioner may call for and examine the records of any proceedings under the Act. In doing so he is not required to assign any reason as it is a part of his administrative control to call for records and examine them.