Section 12
Rectification of mistake. Repealed
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
About this Act
An Act to make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the procedure for dealing with such income and assets and to provide for imposition of tax on any undisclosed foreign income and asset held outside India and for matters connected therewith or incidental thereto.
(1) A tax authority may amend any order passed by it under this Act
so as to rectify any mistake apparent from the record.
(2) No amendment under this section shall be made after a period of four years from the end of the financial year in which the order sought to be amended was passed.
(3) The tax authority shall not make any amendment, which has the effect of enhancing the undisclosed foreign income and asset or reducing a refund or otherwise increasing the liability of the assessee, unless the authority concerned has given to the assessee an opportunity of being heard.
(4) The tax authority concerned may make an amendment under this section—
(a) on its own motion; or
(b) on an application made to it by the assessee or, as the case may be, by the Assessing Officer.
(5) Any application received by the tax authority for amendment of an order shall be decided within a period of six months from the end of the month in which such application is received by it.
(6) In a case where the order has been made in an appeal or revision, the power of the tax authority to amend the order shall be restricted to matters other than those decided in appeal or revision.
(2) No amendment under this section shall be made after a period of four years from the end of the financial year in which the order sought to be amended was passed.
(3) The tax authority shall not make any amendment, which has the effect of enhancing the undisclosed foreign income and asset or reducing a refund or otherwise increasing the liability of the assessee, unless the authority concerned has given to the assessee an opportunity of being heard.
(4) The tax authority concerned may make an amendment under this section—
(a) on its own motion; or
(b) on an application made to it by the assessee or, as the case may be, by the Assessing Officer.
(5) Any application received by the tax authority for amendment of an order shall be decided within a period of six months from the end of the month in which such application is received by it.
(6) In a case where the order has been made in an appeal or revision, the power of the tax authority to amend the order shall be restricted to matters other than those decided in appeal or revision.