https://www.taxtmi.com/caselaws?id=21081 The High Court upheld the Commissioner of Income-tax's decision to invoke section 263 to rectify an assessment made in compliance with a Central Board of Direct Taxes circular, following a subsequent Supreme Court ruling directing the taxation of interest on advances. The Court emphasized the supremacy of judicial decisions over circulars, stating that assessments based on circulars found to be contrary to law by subsequent Supreme Court judgments are deemed erroneous and prejudicial to the Revenue. en-us Wed, 19 Jun 1991 00:00:00 +0530 Thu, 19 Nov 2009 18:18:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21081 The High Court upheld the Commissioner of Income-tax's decision to invoke section 263 to rectify an assessment made in compliance with a Central Board of Direct Taxes circular, following a subsequent Supreme Court ruling directing the taxation of interest on advances. The Court emphasized the supremacy of judicial decisions over circulars, stating that assessments based on circulars found to be contrary to law by subsequent Supreme Court judgments are deemed erroneous and prejudicial to the Revenue. Case-Laws Income Tax Wed, 19 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21081