https://www.taxtmi.com/caselaws?id=67871 A CBDT circular limiting insurance commission deduction to Rs. 10,000 did not, by itself, justify revision of an assessment under section 263 where the assessee maintained no detailed accounts. The ITAT Jaipur held that such a circular was only a guideline for the assessing authority and could not override the statute or create an absolute bar on allowance beyond the stated limit. Because the Commissioner had recorded no independent finding that the expenditure claimed was unsustainable on the merits, the assessment was not shown to be erroneous and prejudicial to the Revenue. The revision order was therefore cancelled and the original assessment restored. en-us Sat, 31 Dec 1983 00:00:00 +0530 Tue, 15 Mar 2011 11:17:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67871 A CBDT circular limiting insurance commission deduction to Rs. 10,000 did not, by itself, justify revision of an assessment under section 263 where the assessee maintained no detailed accounts. The ITAT Jaipur held that such a circular was only a guideline for the assessing authority and could not override the statute or create an absolute bar on allowance beyond the stated limit. Because the Commissioner had recorded no independent finding that the expenditure claimed was unsustainable on the merits, the assessment was not shown to be erroneous and prejudicial to the Revenue. The revision order was therefore cancelled and the original assessment restored. Case-Laws Income Tax Sat, 31 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67871