TMI Blog2005 (1) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... nue loss, if any, is consciously suffered by the Government to utilise resources for scrutiny and investigation of larger cases. In such cases the Commissioner of Income-tax should only inform the audit that the cases are completed under the summary assessment scheme. Accordingly, action u/s 263 was not to be taken. It is well settled that the circulars issued by the Board are binding upon the aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was right in holding that there were no material before the Commissioner of Income-tax to justify his finding that the assessment made under section 143(1) was erroneous in so far as it was prejudicial to the interests of the Revenue? 2. Whether the Tribunal's order is wrong on facts and in law in taking into consideration incorrect fact and the facts not relevant to the case and in ig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent orders passed under section 143(1) of the Act had been made without making any enquiry into the factum of loans and other items and, therefore, they were erroneous and prejudicial to the interests of the Revenue. He accordingly after giving an opportunity of hearing, set aside the assessments and directed for making de novo assessments. Feeling aggrieved, the respondent preferred separate appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of larger cases. In such cases the Commissioner of Income-tax should only inform the audit that the cases are completed under the summary assessment scheme. Accordingly, action under section 263 of the Act was not to be taken. It is well settled that the circulars issued by the Board are binding upon the authorities and, therefore, in any view of the matter, the Commissioner was not justified ..... X X X X Extracts X X X X X X X X Extracts X X X X
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