https://www.taxtmi.com/caselaws?id=63935 The Tribunal upheld the Commissioner's decision, dismissing the appeal and affirming the correctness of the assessment order for the relevant year. The Tribunal clarified that Circulars of the Board do not prevent the Commissioner from exercising revisional jurisdiction under section 263. It emphasized the Commissioner's power to review assessment orders, even those completed under section 143(1). Additionally, it deemed an assessment completed without waiting for a Valuation Officer's report as erroneous and prejudicial to revenue interests. The Tribunal highlighted the necessity for thorough investigations into unsecured loans in the balance sheet, ultimately supporting the Commissioner's order. en-us Fri, 30 Mar 1990 00:00:00 +0530 Wed, 02 Feb 2011 17:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63935 The Tribunal upheld the Commissioner's decision, dismissing the appeal and affirming the correctness of the assessment order for the relevant year. The Tribunal clarified that Circulars of the Board do not prevent the Commissioner from exercising revisional jurisdiction under section 263. It emphasized the Commissioner's power to review assessment orders, even those completed under section 143(1). Additionally, it deemed an assessment completed without waiting for a Valuation Officer's report as erroneous and prejudicial to revenue interests. The Tribunal highlighted the necessity for thorough investigations into unsecured loans in the balance sheet, ultimately supporting the Commissioner's order. Case-Laws Income Tax Fri, 30 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63935