Section 62C omitted by Finance Ordinance, 2001 which previously reads as follows :

62C. Powers of tax authorities to modify orders, etc.-

 (1)     Where a question  of law has been decided by a High Court or the Appellate Tribunal, the Deputy Commissioner of Income Tax may notwithstanding that the Commissioner has filed an appeal against the decision of the High Court or of the Appellate Tribunal, as the case may be, follow the said decision so far as it applies to an identical question arising in any case pending before him until the decision of the High Court or of the Appellate Tribunal is reversed or modified subsequently:

Provided that the assessee makes an application before the Deputy Commissioner of Income Tax that an identical question of law has arisen in his case and makes a declaration that if the decision is reversed or modified by the High Court or the Supreme Court, he shall not file any appeal against such order.

(2)      In case the High Court or Appellate Tribunal's order referred to in sub-section (1) is reversed or modified subsequently, the Deputy Commissioner of Income Tax may, notwithstanding the expiry of period of limitation prescribed for making any assessment or order, within a period of six months from the date of receipt of decision, modify the assessment or order so that it conforms to the final decision.