“Section 256(6)”

Assessment orders passed by an Assessing Officer are liable to be set aside if they disregard binding instructions or circulars issued by the Central Board of Direct Taxes (CBDT), especially concerning the selection of returns for scrutiny. The CBDT circulars are binding on all officers of the Income-tax department.

An amount received by an assessee in the guise of share application money from accommodation entry providers is liable to be added to its taxable income under Section 68, provided the genuineness of the transaction and the creditworthiness of the subscriber are not established.

The Assessing Officer must adhere to established judgments when deciding cases. If the Assessing Officer fails to do so, the High Court can intervene.