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TMI Blog2002 (10) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... ome-tax under section 263 without going into the question whether the Commissioner had validly exercised his powers under section 263 of the Income-tax Act, 1961 ?" - The assessment made under section 143(1) of the Act is revisable under section 263 of the Act. Section 263 of the Income-tax Act does not lay down any such restriction on the powers of the Commissioner. A restriction which is not set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act which was revised by the Commissioner under section 263 of the Act. The Commissioner held that the assessee was not entitled to deduction of a sum of Rs. 31,396 under section 80HH of the Act, and that there was a revenue loss of Rs. 31,396. The Commissioner was thus of the view that the order of assessment was erroneous and was prejudicial to the Revenue. The Tribunal set aside the order of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. In that circular, it is set out that the Member (R & A) of the Central Board of Direct Taxes had on a reference made to him by the Director of Inspection observed that, "No remedial action is necessary in summary assessment cases, as the revenue loss if any is consciously suffered by the Government to utilise resources for scrutiny and investigations of larger cases. In such cases, the Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate officers. Sub-section (1) thereof reads thus: "The Board may, from time to time, issue such orders, instructions and directions to other income-tax authorities as it may deem fit for the proper administration of this Act, and such authorities and all other persons employed in the execution of this Act shall observe and follow such orders, instructions and directions of the Board. It is thus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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