https://www.taxtmi.com/caselaws?id=26111 The court upheld the Commissioner of Income-tax's jurisdiction under section 263(1) of the Income-tax Act, 1961, finding the assessments without proper enquiry prejudicial to Revenue. It deemed the rejection of affidavits on initial capital source as justified, dismissing claims of reliance on surmises and conjectures. The Tribunal's misinterpretation of a relevant case was noted, affirming the validity of the Commissioner's actions. The Commissioner's consolidated order for multiple assessment years was upheld as necessary to rectify erroneous assessments. Ultimately, all issues favored the Revenue against the assessee, with costs awarded against the latter. en-us Fri, 13 Jun 1986 00:00:00 +0530 Tue, 02 Feb 2010 18:12:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26111 The court upheld the Commissioner of Income-tax's jurisdiction under section 263(1) of the Income-tax Act, 1961, finding the assessments without proper enquiry prejudicial to Revenue. It deemed the rejection of affidavits on initial capital source as justified, dismissing claims of reliance on surmises and conjectures. The Tribunal's misinterpretation of a relevant case was noted, affirming the validity of the Commissioner's actions. The Commissioner's consolidated order for multiple assessment years was upheld as necessary to rectify erroneous assessments. Ultimately, all issues favored the Revenue against the assessee, with costs awarded against the latter. Case-Laws Income Tax Fri, 13 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26111