Commissioner of Income Tax (CIT) has the power u/s 263 & 264 of the Income Tax Act, 1961, to consider an order passed by Assessing officer (AO). U/S 264, CIT can consider the order passed by AO, only when an appeal is made by assessee to him within stipulated time frame. However, u/s 263 CIT possesses the power to consider the order passed by AO and prejudicial to revenue, relevant extract of section 263 is as follows:-
In exercise of the power, the Central Government issued Companies (Cost Records and Audit) Rules, 2014, on 30th June 2014. Subsequently Government issued Companies (Cost Records and Audit) Amendment Rules, 2014 on 31st December 2014. The amendment rules has introduced certain changes to the original rules . Thus Companies (Cost Records and Audit) Rules, 2014 read with the Amendment Rules 2014.
