https://www.taxtmi.com/caselaws?id=3007 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee and against the Revenue. The court emphasized that the Commissioner failed to provide specific errors or material evidence to show that the assessments were erroneous and prejudicial to the Revenue's interests. It was held that the assessments could not be deemed erroneous solely based on suspicion and surmises. Additionally, the court highlighted the binding nature of the CBDT circular, which precluded action under section 263 for summary assessments. en-us Fri, 20 Jul 2007 00:00:00 +0530 Wed, 30 Jul 2008 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3007 The High Court affirmed the Tribunal's decision, ruling in favor of the assessee and against the Revenue. The court emphasized that the Commissioner failed to provide specific errors or material evidence to show that the assessments were erroneous and prejudicial to the Revenue's interests. It was held that the assessments could not be deemed erroneous solely based on suspicion and surmises. Additionally, the court highlighted the binding nature of the CBDT circular, which precluded action under section 263 for summary assessments. Case-Laws Income Tax Fri, 20 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3007